Goldman is Cautious on Qualcomm (QCOM) Results, Reiterates Sell Ahead of Earnings

Goldman Sachs analyst Rod Hall reiterated a Sell rating and $122.00 price target on Qualcomm (NASDAQ: QCOM) and is cautious on QCT heading into Qualcomm’s upcoming FQ2 report given incremental potential for weakness driven by a key Samsung foundry shutdown in Texas.

The analyst stated "Our focus for this call will be on how Qualcomm sees mmWave demand shaping up regionally later this year and particularly how much demand there might be for mmWave in Europe. We also note that Qualcomm provided some indication of how numbers were likely to shape up for the June quarter so whether the company will also choose to provide directional commentary for FQ4’21 to September will be important. We continue to believe that consensus expectations are too high for Qualcomm looking into later 2021 and early 2022 due to over optimism around this next iPhone cycle."

For an analyst ratings summary and ratings history on Qualcomm click here. For more ratings news on Qualcomm click here.

Shares of Qualcomm closed at $139.20 yesterday.

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