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Mateo Moore
Mateo Moore

Buy Qualcomm Stock

Qualcomm's (QCOM 1.85%) stock tumbled nearly 8% during after-hours trading on Nov. 2 in response to its latest earnings report. For the fourth quarter of fiscal 2022, which ended on Sept. 25, the chipmaker's non-GAAP revenue rose 22% year-over-year to $11.39 billion, which beat analysts' estimates by $40 million. Its adjusted earnings increased 23% to $3.13 per share, which matched the consensus forecast.

buy qualcomm stock

Qualcomm's growth rates seem robust, but they represent a significant deceleration from previous quarters. The company's downbeat outlook for the upcoming fiscal year also shattered investors' hopes for a quick recovery. Let's take a closer look at Qualcomm's slowdown, its near-term challenges, and whether or not it's still worth buying in this rough market for semiconductor stocks.

Analysts expect Qualcomm's revenue and adjusted EPS to grow 5% and 2%, respectively, in fiscal 2023. Based on those estimates, Qualcomm's stock still looks cheap at just 9 times forward earnings. But I believe those estimates are still too high in light of its latest report, so its actual forward valuation might be a bit higher. Its forward yield of 2.6% looks decent, but it also won't attract any serious income investors as long as the three-month treasury's yield exceeds 4%.

Simply put, Qualcomm's stock isn't a screaming bargain yet. Investors would arguably be better off investing in a better-diversified chipmaker like Texas Instruments than Qualcomm, which remains tightly tethered to the cyclical smartphone market, as the bear market drags on.

Add to that the fact that technology stocks in general have been weighed down because of high inflation and fears of a recession, and it becomes crystal clear why Qualcomm's (QCOM 1.85%) stock is down 23% over the past year.

That drop has caused some investors to wonder whether Qualcomm's stock is a good buy right now. To answer that question, let's take a closer look at what's going right with Qualcomm and what could hold the company back.

Qualcomm's share price decline over the past year has opened up a buying opportunity for tech investors looking for a good deal. The company's current price-to-earnings ratio is just 11.5 right now, making the stock the cheapest it has been in years.

Qualcomm stock reset its sights beyond its traditional smartphone markets as key customer Apple (AAPL) mulls its own iPhone 5G chips. The wireless chip giant expects strong dividend growth. Is QCOM stock a buy in February 2022?

Shares of Qualcomm rose 3.2%, near 155, March 9 amid the dividend hike. Qualcomm stock jumped above the 200-day moving average in intraday trading after undercutting that level Monday. The chip stock remains well below the 50-day average.

The 5G chip stock is trying to hold at its 200-day moving average, after consolidating for more than eight weeks. Despite the earnings beat last month, shares took a hit from the broader, tech-led selloff due to fears about inflation and rising rates. There is no new buy point for now .

QCOM stock was a laggard for most of 2021, hit by a report that Apple could make its own iPhone modem chips, cutting out Qualcomm. It rebounded late in the year on strong earnings and management's vision for an Apple-light future.

Qualcomm stock earns an EPS Rating of 88 out of a best-possible 99, and its SMR Rating is an A, on a scale of A to a worst E. The EPS rating scores a company's earnings growth vs. other companies, and its SMR Rating scores sales growth, profit margins and return on equity.

Top stocks to buy or watch among fabless chip companies include AMD (AMD), Nvidia (NVDA), Monolithic Power Systems (MPWR) and Lattice Semiconductor (LSCC). Several of those make chips for data centers, which are in high demand as internet use booms during the work-at-home push.

AMD stock and Nvidia stock have been big winners for most of the past three years. But in January's sell-off, which has hurt growth stocks especially hard, both AMD and NVDA have tumbled harder than Qualcomm stock.

Chip stocks, including NVDA and AMD, often earn a spot on the IBD Leaderboard, a curated list of stocks with the most potential for big gains. They also often appear on the IBD 50 list of top growth stocks.

Computershare Trust Company is our transfer agent and administers a direct stock purchase plan and a dividend reinvestment program for Qualcomm Incorporated. To find out more about these programs you may contact Computershare directly at:

Investing in QUALCOMM is not without risk. First, I would like to highlight that many of QUALCOMM's growth verticals, including the metaverse, IoT expansion and AI-driving technology, are entrepreneurial bets. They can pay-off handsomely, but there is no guarantee. Secondly, QUALCOMM is hoping to expand in the data center server chip technology, but an important related verdict for the lawsuit with UK-based ARM is still pending. Finally, investors should consider that sentiment towards risk assets such as stocks remains strongly depressed. And given multiple macroeconomic headwinds, QCOM stock may suffer from share price volatility even though the company's fundamentals remain unchanged.

Stash Banking services provided by Stride Bank, N.A., Member FDIC. The Stash Stock-Back Debit Mastercard is issued by Stride Bank pursuant to license from Mastercard International. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated. Any earned stock rewards will be held in your Stash Invest account. Investment products and services provided by Stash Investments LLC, not Stride Bank, and are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value. In order for a user to be eligible for a Stash banking account, they must also have opened a taxable brokerage account on Stash.

The Style Scores are a complementary set of indicators to use alongside the Zacks Rank. It allows the user to better focus on the stocks that are the best fit for his or her personal trading style.

Within each Score, stocks are graded into five groups: A, B, C, D and F. As you might remember from your school days, an A, is better than a B; a B is better than a C; a C is better than a D; and a D is better than an F.

As an investor, you want to buy stocks with the highest probability of success. That means you want to buy stocks with a Zacks Rank #1 or #2, Strong Buy or Buy, which also has a Score of an A or a B in your personal trading style.

Zacks' proprietary data indicates that QUALCOMM Incorporated is currently rated as a Zacks Rank 3 and we are expecting an inline return from the QCOM shares relative to the market in the next few months. In addition, QUALCOMM Incorporated has a VGM Score of B (this is a weighted average of the individual Style Scores which allow you to focus on the stocks that best fit your personal trading style). Valuation metrics show that QUALCOMM Incorporated may be undervalued. Its Value Score of B indicates it would be a good pick for value investors. The financial health and growth prospects of QCOM, demonstrate its potential to outperform the market. It currently has a Growth Score of C. Recent price changes and earnings estimate revisions indicate this stock lacks momentum and would be a lackluster choice for momentum investors.

The ever popular one-page Snapshot reports are generated for virtually every single Zacks Ranked stock. It's packed with all of the company's key stats and salient decision making information. Including the Zacks Rank, Zacks Industry Rank, Style Scores, the Price, Consensus & Surprise chart, graphical estimate analysis and how a stocks stacks up to its peers.

The detailed multi-page Analyst report does an even deeper dive on the company's vital statistics. In addition to all of the proprietary analysis in the Snapshot, the report also visually displays the four components of the Zacks Rank (Agreement, Magnitude, Upside and Surprise); provides a comprehensive overview of the company business drivers, complete with earnings and sales charts; a recap of their last earnings report; and a bulleted list of reasons to buy or sell the stock. It also includes an industry comparison table to see how your stock compares to its expanded industry, and the S&P 500.

The Value Scorecard identifies the stocks most likely to outperform based on its valuation metrics. This list of both classic and unconventional valuation items helps separate which stocks are overvalued, rightly lowly valued, and temporarily undervalued which are poised to move higher.

The Momentum Scorecard focuses on price and earnings momentum and indicates when the timing is right to enter a stock. The analyzed items go beyond simple trend analysis. The tested combination of price performance, and earnings momentum (both actual and estimate revisions), creates a powerful timeliness indicator to help you identify stocks on the move so you know when to get in and when to get out.

The X Industry (aka Expanded Industry) is a subset of the M (Medium Sized) Industry, which is a subset of the larger Sector category, which is used to classify all of the stocks in the Zacks Universe. The Zacks database contains over 10,000 stocks. All of those stocks are classified into three groups: Sector, M Industry and X Industry. There are 17 Sectors, 60 different M Industries, and 265 X Industries.

For example, a regional bank would be classified in the Finance Sector. Within the Finance Sector, it would fall into the M Industry of Banks & Thrifts. And within the M Industry, it might further be delineated into the X Industry group called Banks Northeast. This allows the investor to be as broad or as specific as they want to be when selecting stocks.

The X Industry values displayed in this column are the median values for all of the stocks within their respective industry. When evaluating a stock, it can be useful to compare it to its industry as a point of reference. Moreover, when comparing stocks in different industries, it can become even more important to look at the relative measures, since different stocks in different industries have different values that are considered normal. 041b061a72


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