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QUALCOMM Inc (NASDAQ:QCOM) shares are trading lower Wednesday following a downgrade from HSBC. Here’s what you need to know.
What To Know: HSBC analyst Frank Lee downgraded Qualcomm from Buy to Hold and set a price target of $200 ahead of earnings due in about two weeks.
Qualcomm is set to report financial results after the market close on July 31. According to estimates from Benzinga Pro, the company is expected to report earnings of $2.25 per share and revenue of $9.212 billion.
Last quarter, Qualcomm beat analyst estimates on the top and bottom lines and issued strong guidance for the third quarter. The company guided for revenue of $8.8 billion to $9.6 billion and earnings of $2.15 to $2.35 per share.
“We are excited about our continued growth and diversification, including achieving our third consecutive quarter of record QCT Automotive revenues, upcoming launches with our Snapdragon X platforms, and enabling leading on-device AI capabilities across multiple product categories," the company said at the time.
See Also: UnitedHealth Analysts Boost Their Forecasts Following Upbeat Earnings
Susquehanna analyst Christopher Rolland on Wednesday maintained Qualcomm with a Positive rating and raised the price target from $205 to $250. Here’s a look at other positive analyst changes over the past two weeks.
Qualcomm also announced its quarterly cash dividend on Wednesday. The company declared a dividend of 85 cents per common share, payable on Sept. 26 to shareholders of record as of Sept. 5.
QCOM Price Action: Qualcomm shares were down 6.29% at $196.46 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
Posted In: QCOM
