Qualcomm Reports Q4 Beat, Analysts Divided Over Prospects Of The Handset Market
Shares of Qualcomm Inc (NASDAQ:QCOM) remained volatile in early trading on Thursday, after the company reported upbeat fiscal fourth-quarter results.
The company reported its results amid an exciting earnings season. Here are some key analyst takeaways.
- Cantor Fitzgerald analyst C.J. Muse maintained a Neutral rating and price target of $160.
- Rosenblatt Securities analyst Kevin Cassidy maintained a Buy rating and price target of $250.
- Piper Sandler analyst Harsh Kumar maintained an Overweight
- Benchmark analyst Cody Acree reiterated a Buy rating and price target of $240.
- KeyBanc Capital Markets analyst John Vinh reaffirmed a Sector Weight rating on the stock.
Check out other analyst stock ratings.
Cantor Fitzgerald: Qualcomm reported better-than-feared quarterly results, amid soft Android handset trends and Apple Inc’s (NASDAQ:AAPL) declining build plans, Muse said in a note. The upside was driven by high exposure to premium phones in China and the company’s diversification related to IOT and Automotive, he added.
While the company needs to derisk Apple’s plans to bring the modem in-house, the two growing businesses — Automotive and IOT — represented only 25% of total revenues in the September quarter, the analyst stated.
Although Qualcomm is “the undisputed leader” in smartphone connectivity, the market is slowing, and key customers in China will leave …
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