Would you look at that? Qualcomm just made Q3 it’s ‘b**ch, and it’s no wonder analysts are calling for nearly 35% upside from current levels. After months of snoozing in consolidation mode, shares of the $192 billion semiconductor heavyweight are finally waking up and stretching—ready to make another run for it.

(Source: Giphy) 

In short, Qualcomm didn’t just beat expectations, they body bagged ‘em. For the quarter, Qualcomm reported EPS of $2.69, compared to the consensus estimate of $2.56 (a.k.a a thicc 5.07% beat). When it came to revenue, Qualcomm pulled in $10.24 billion, easily topping the expected $9.90 billion. 

(Source: CNBC) 

In addition to the massive win, what really got Wall Street horned up was Qualcomm's $15 billion share buyback program they announced. Meaning, less supply and more demand for share prices = mooning ahead. In fact, Qualcomm CEO Cristiano Amon summed it up best: “We are pleased to conclude the fiscal year with strong results in the fourth quarter, delivering greater than 30% year-over-year growth in EPS.” Love to see it. 

(Source: Benzinga) 

For JPMorgan and Susquehanna, this wasn’t necessarily surprising to them. They’ve been  singing Qualcomm’s praises for weeks as JPMorgan reiterated their Overweight rating, and Susquehanna’s $230 price target suggests there’s still a solid 35% upside from where the stock sat on Wednesday. The main reason for the bullishness (outside of the earnings) is that Qualcomm’s 5G and Internet of Things (IoT) units are turning heads left, right, and twice on Sunday.

(Source: Moomoo)

For example, even though Qualcomm isn’t cranking out the kind of graphics processors that power ChatGPT, they’re still dominating in the smartphone chip game. Handset chip sales jumped 12%, with Qualcomm’s Snapdragon chips powering most high-end Android devices. Add the sweet deal they’ve inked with Apple for their 5G chips through 2026, well we’ve got a recipe for accelerated growth on the horizon. 

Plus, Qualcomm’s automotive business grew a whopping 86% year-over-year, raking in $899 million in sales. And their IoT division? Up 22%, with $1.68 billion in revenue. So yeah, with these numbers combined with analysts throwing around ratings like they are, it’s clear something is in the water. 

(Source: Tenor) 

On the other hand, you’d think with all this bullish sentiment flying around, the bears would’ve gone into hibernation. But nope, we’ve still got a few stubborn opinions hanging around. Citigroup and Cantor Fitzgerald, for example, have kept their Neutral ratings, citing vague sector risks like supply chain disruptions and competitive pressures. 

Which is definitely understandable - especially since semiconductors can be a volatile space. But after this earnings beat and Qualcomm’s raised guidance, even the most cautious analysts have to admit things are looking pretty attractive. 

(Source: Giphy) 

What’s more, is that according to our friends over at MarketBeat, Qualcomm’s stock is on the verge of staging a breakout. And if you’re even remotely interested in technical analysis, this is the setup you dream about. Shares jumped over 5% in Thursday’s pre-market, putting them at their highest level since the August slump. 

Now sure, Qualcomm’s been stuck in a narrow range for the past few months, but with Qualcomm trading at these levels (See: $170’s), combined with 14 out of 15 of our Stocks.News moving averages in the Strong Buy category, it’s obvious that the bulls are now holding the reigns. 

In the end, Qualcomm was cashin’ checks and snappin’ necks last quarter. They beat on the top and bottom lines, raised their guidance, and threw in a $15 billion buyback program for good measure. Investors are loving it, and the stock is primed for a breakout. Meaning, with the broader market trending higher and Qualcomm’s stellar earnings performance, don’t be shocked if this tech giant blows past that $230 target.

As always, do what you will with this information, but while Nvidia is stealing the limelight 24/7, don’t sleep on Qualcomm. In the meantime, stay safe and stay frosty, friends! Until next time…

P.S. Our system has just identified one little known stock ready to EXPLODE! Want to stop watching from the bleachers and actually make a play? Click here to join Stocks.News Premium. 

Stocks.News does not hold positions in companies mentioned in the article.