Here’s what Wall Street is saying about Qualcomm ahead of earnings

Qualcomm (QCOM) is scheduled to report results of its fiscal third quarter after the market closes on July 30 with a conference call scheduled for 4:45 pm ET. What to watch for:

GUIDANCE: Along with its last report, Qualcomm guided for Q3 adjusted earnings per share of $2.60-$2.80 on revenue of $9.9B-$10.7B. At the time, analysts were expecting the company to report Q3 EPS of $2.69 on revenue of $10.34B, but those figures have since edged higher to $2.71 and $10.35B, respectively.

PT HIKES: Ahead of the company’s Q3 report, JPMorgan raised the firm’s price target on Qualcomm to $200 from $190 and maintained an Overweight rating on the shares. The firm sees a low bar for Qualcomm with the shares underperforming the S&P 500 year-to-date. While the loss of Apple revenue over the next couple of years will constrain the company’s growth, the “resilience” of its revenue outlook will be highlighted, the analyst tells investors in a research note. Roughly two weeks earlier, JPMorgan had raised its Qualcomm price target to $190 from $185, saying at the time that it adjusted price targets in hardware and networking, saying it expects upside to second half of 2025 estimates from “robust” cloud spending.

Meanwhile, UBS raised the firm’s price target on Qualcomm last week to $165 from $145 and reiterated a Neutral rating on the shares. UBS sees modest upside bias to Q3 results amid strong signs of tariff-related pull-ins for Android and Apple units in the quarter, but does not see this momentum being sustained into the second half as pull-ins likely wane because end consumption for PC and smartphone has not really gotten any better, the analyst tells investors in a research note.

Additionally, Citi earlier this month raised its price target on Qualcomm to $170 from $145 and kept a Neutral rating on the shares as part of a Q2 earnings preview for the semiconductor group. The firm increased estimates, saying prior assumptions that tariffs would drive to a slowdown in the sector does not appear to be happening. Citi expects a sector upturn driven by solid demand and inventory replenishment. The analyst sees the most upside in Microchip (MCHP) and Texas Instruments (TXN).

TRUMP: The U.S. has frozen tech export curbs on China to avoid disrupting trade talks and help President Trump secure a 2025 meeting with President Xi Jinping, The Financial Times’ Demetri Sevastopulo (NVDA) it would block the export of its H20 chip, which was designed for the Chinese market, but Trump reversed course following direct lobbying from Nvidia CEO Jensen Huang.

The news came weeks after President Donald Trump said he would likely impose tariffs on pharmaceuticals as early as the end of this month and levies on semiconductors will also be coming soon, Jennifer Dlouhy and Justin Sink of Bloomberg reported. This suggests those import taxes could hit alongside broad “reciprocal” rates set to start on August 1. “Probably at the end of the month, and we’re going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we’re going to make it a very high tariff,” Trump told reporters.

ALPHAWAVE: Last month, Qualcomm announced that it reached an agreement with Alphawave IP Group (AWEVF) regarding the terms and conditions of a recommended acquisition by Aqua Acquisition, an indirect wholly-owned subsidiary of Qualcomm Incorporated, for the entire issued and to be issued ordinary share capital of Alphawave Semi at an implied enterprise value of approximately $2.4B. This acquisition of Alphawave Semi is expected to complete during the first calendar quarter of 2026, subject to the satisfaction or waiver of certain conditions as set forth in the announcement released in accordance with Rule 2.7 of the UK Takeover Code, including certain regulatory approvals, the approval from the requisite majority of Alphawave Semi’s shareholders and sanction by the High Court in the UK.