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Qualcomm stock has risen 10% over the past 12 months.
PAU BARRENA/AFP via Getty Images
Qualcomm
should benefit if the smartphone industry returns to growth this year. The leading maker of mobile processors and 5G wireless chipsets will offer its latest update Wednesday when it reports earnings after the market close.
The Wall Street consensus estimates for
Qualcomm
is for the company to report December quarter revenue of $9.5 billion with adjusted earnings of $2.37 a share. Analysts’ estimates for the current quarter’s revenue is $9.3 billion and earnings of $2.25 a share.
On Monday, Bernstein analyst Stacy Rasgon reiterated his Outperform rating on Qualcomm shares, citing the stock’s low valuation. Rasgon reaffirmed his $160 price target.
“The stock remains inexpensive,” he wrote. The smartphone “industry should be poised for some unit growth in 2024 following two consecutive years of declines.”
The analyst believes Qualcomm’s chips and other products this year are the best in the company’s history.
Qualcomm stock is up 10% over the past 12 months, compared with the 50% rise for the
iShares Semiconductor ETF.
Write to Tae Kim at [email protected]
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