Qualcomm On JPMorgan’s ‘Positive Catalyst Watch’ Ahead Of Earnings: Retail Stays Bullish

Shares of Qualcomm Inc. (QCOM) gained over 1% in mid-day trade on Tuesday after analysts at JPMorgan placed the stock on their “Positive Catalyst Watch” ahead of first-quarter earnings.

Qualcomm is set to report its December quarter results on Feb. 5, and two weeks out, it is at the center of reports suggesting that it could be among the companies looking to acquire struggling chipmaker Intel Corp. (INTC).

Now, JPMorgan analyst Samik Chatterjee has underlined his bullish outlook for Qualcomm stock, noting that it could benefit from the Chinese government’s subsidies for the smartphone market in the country, according to a report by The Fly.

He also thinks Qualcomm stands to gain market share with Samsung, resulting in positive earnings print and outlook for the chipmaker.

Qualcomm is estimated to report earnings per share of $2.97 in the first quarter, compared to $2.37 a year ago, according to Stocktwits data.

The company is also expected to post revenue of $10.93 billion during this period, as compared to $9.51 billion a year ago.

Retail sentiment on Stocktwits remained positive, staying in the ‘bullish’ (55/100) territory.

QCOM sentiment and message volume January 21, 2025, as of 12:15 pm ET | Source: Stocktwits

Most of the retail chatter centered around reports of Qualcomm possibly acquiring Intel Corp. (INTC).

Another user thinks Qualcomm stock’s price target is $182, implying an upside of over 8%.

Qualcomm’s stock price has been on a downtrend over the past few months – it has fallen 14% in the last six months. However, over the past year, it has gained 9.7%.

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