Qualcomm Is Down 37% From Its High and Reports Wednesday. Is the Stock a Buy?
Here's a closer look at Qualcomm headed into its earnings report on Wednesday.
Overview
Qualcomm (NASDAQ: QCOM) trades at $162.88 as of this writing, about 37% below its 52-week high of $259.92. The 36 analysts covering the chipmaker rate it, on average, a hold. Yet those same analysts carry an average price target of $221.23, about 36% above the stock.
What gives? In short, shares have pulled back sharply -- and most analysts covering the stock haven't updated their ratings. So, is this a buying opportunity? With the company reporting fiscal third-quarter results after the market closes Wednesday, this is a timely question worth considering.
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Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.