Qualcomm (QCOM) Q3 2022 Report and Price Target Update for 2023

Posted by:Alex Belov Posted on:Jul 28,2022

Qualcomm on Wednesday, July 27 published a report for the 3rd quarter of 2022. The report exceeded analysts’ expectations. However, the weak outlook for the next quarter caused the shares to drop by a few percent. Shares fell 4% in the main trading session.

Key financial highlights from Qualcomm Q3 2022 report

  • – Earnings per share = $2.96 (forecast $2.87). The growth was 53% compared to last year.
    – Revenue = $10.93 billion (forecast $10.88 billion). Revenue grew by 37% compared to the same quarter last year.

Qualcomm gives weak guidance for Q4 2022

Qualcomm forecasts EPS of between $3 and $3.30 in Q4 2022 ($3.23 forecast). Revenue in the 4th quarter of 2022 may range from $11 to $11.8 billion (Wall Street forecast $11.87). Thus, the forecast for the next quarter is not in line with Wall Street’s expectations, which caused the stock to fall.

Forecasts, Upside Potential for Qualcomm (NASDAQ:QCOM) in the Next 12 Months

Qualcomm
Qualcomm
QCOM
Price on July 27, 2022
$153.42 
Consensus Rating = "Buy"
Lowest Price Target
$150
Average target price
$169
Maximum target price
$222

Analysts update price targets and forecasts for Qualcomm (NASDAQ:QCOM) stock for 2023

DATE: 07/28/2022
Analyst "Wells Fargo"
4.5/5
Consensus Rating = Equal-Weight
Price Target Change for the next 12 months = $135 → $150
Percent upside potential for stocks
-2.23%
DATE: 07/28/2022
Analyst "Mizuho"
4.5/5
Consensus Rating = Buy
Price Target Change for the next 12 months = $168 → $175
Percent upside potential for stocks
14.07%
DATE: 07/28/2022
Analyst "Piper Sandler"
4.5/5
Consensus Rating = Overweight
Price Target Change for the next 12 months = $190 → $185
Percent upside potential for stocks
20.58%
DATE: 07/28/2022
Analyst "Raymond James"
4.5/5
Consensus Rating = Strong Buy
Price Target Change for the next 12 months = $222 → $190
Percent upside potential for stocks
20.58%
Share analytics

Alex Belov

Developers by oneinveststock.com. Analyst, investor

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