Analyst: Qualcomm shares may be volatile after 4Q
NEW YORK (AP) — Sterne Agee analyst Vijay Rakesh expects that Qualcomm Inc.'s fiscal fourth-quarter results will meet Wall Street's expectations, but he warned that shares may be volatile immediately after the mobile phone chip company reports.
Several other companies that are suppliers to Apple Inc.'s iPhone — such as Skyworks Solutions Inc. and Cirrus Logic Inc. — are down 10 percent to 15 percent after giving guidance that either met or was better than Wall Street's expectations, he said.
But he remains optimistic about the company's long-term prospects and kept a "Buy" rating on the shares.
Analysts polled by FactSet expect Qualcomm to post earnings of 82 cents per share and revenue of $4.67 billion for the fourth quarter.
Shares added $1.05, or 1.8 percent, cents to $60.35 in afternoon trading Monday.