Qualcomm To $170? These Analysts Slash Price Targets On Qualcomm Following Q3 Results

QUALCOMM Incorporated QCOM reported in-line earnings for its fourth quarter, but issued a weak Q1 outlook.

Qualcomm said fiscal fourth-quarter revenue increased 22% year-over-year to $11.39 billion, which beat average analyst estimates of $11.37 billion. The company reported quarterly earnings of $3.13 per share, which was in line with average estimates.

Qualcomm expects fiscal first-quarter revenue to be between $9.2 billion and $10 billion versus average estimates of $12.02 billion. The company expects first-quarter adjusted earnings to be between $2.25 and $2.45 per share versus average estimates of $3.42 per share.

Qualcomm shares fell 8.3% to $103.21 in pre-market trading.

These analysts made changes to their price targets on Qualcomm following the release of quarterly results.

• Keybanc cut price target on the stock from $170 to $150. Keybanc analyst John Vinh maintained an Overweight rating on the stock.
• Piper Sandler lowered Qualcomm price target from $185 to $145. Piper Sandler analyst Harsh Kumar maintained an Overweight rating on the stock.
• Raymond James reduced the price target on Qualcomm from $190 to $150. Raymond James analyst Melissa Fairbanks maintained a Strong Buy rating on the stock.
• Mizuho cut price target on Qualcomm from $175 to $150. Mizuho analyst Vijay Rakesh maintained the stock with a Buy.
• Rosenblatt lowered the price target on Qualcomm from $220 to $170. Rosenblatt analyst Kevin Cassidy maintained the stock with a Buy.
• Deutsche Bank cut the price target on Qualcomm from $160 to $150. Deutsche Bank analyst Ross Seymore maintained the stock with a Buy.
• Morgan Stanley lowered the price target on Qualcomm from $147 to $126. Morgan Stanley analyst Joseph Moore maintained an Overweight rating on the stock.
• Canaccord Genuity reduced Qualcomm price target from $225 to $165. Canaccord Genuity analyst Michael Walkley maintained a Buy rating on the stock.
• Wells Fargo cut Qualcomm price target from $125 to $105. Wells Fargo analyst Gary Mobley maintained the stock with an Equal-Weight rating.
• Cowen & Co. lowered price target on Qualcomm from $185 to $165. Cowen & Co. analyst Matthew Ramsay maintained the stock with an Outperform.