Qualcomm (QCOM) will report its fourth quarter earnings after the market closes Wednesday, and analysts expect rising revenue and profits compared to the same time last year. However, they see revenue growth slowing over the next year amid slow smartphone and PC sales.
Analysts are somewhat bullish on the hardware and software manufacturer’s stock, with the 12 analysts tracked by Visible Alpha split between four “buy,” seven “hold,” and one “sell” rating. Qualcomm’s average price target of $198.08 shows that analysts think the stock has room to rise in the coming months.
In the fourth quarter, analysts expect Qualcomm’s revenue will rise nearly 15% from the same time last year to $9.9 billion, with profits projected to rise over 70% to $2.58 billion, according to estimates compiled by Visible Alpha.
Qualcomm stock rose 3% Wednesday to $170.87, about 17% above where it started the year but below the June highs of over $220.
In a note …