Market Update (NASDAQ:QCOM): Qualcomm (QCOM) Stock Down on Dismal Outlook

[at TheStreet] – Qualcomm (QCOM) stock is falling after the company released its fiscal 2016 first quarter earnings report yesterday afternoon. Read more on this. QUALCOMM Incorporated (QCOM) , with a current market cap of $65.37B, opened at $45.81. During the trading session, QCOM traded between $43.47 to $45.82 and has traded between $43.47 and $74.09 over the past year. QCOM shares are currently priced at 11.37x this year’s forecasted earnings, which makes them relatively expensive compared to the industry ’s 10.47x earnings multiple for the same period. And for income investors, the company pays shareholders $1.92 per share annually in dividends, yielding 4.04%. According to a consensus of 29 analysts, the earnings estimate of $1.01 per share would be $0.39 worse than the year-ago quarter and a $0.16 sequential decrease. What we find to be interesting is that the full-year EPS estimate of $4.18 is a $0.48 setback when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $5.68 Billion. If reported, that would be a 17.56% decrease over the year-ago quarter. In terms of ratings, Susquehanna upgraded QCOM from Neutral to Positive (Jan 13, 2016). Previously, JP Morgan upgraded QCOM from Neutral to Overweight. The average price target for QCOM shares by the analysts covering the stock is $61.83, which is 34.97% above where the stock opened this morning. See more in (NASDAQ:QCOM) Similar Articles: Market Update: Qualcomm Incorporated (NASDAQ:QCOM) – Qualcomm Earnings Preview: Has This Chipmaker Finally Bottomed? Market Update (NASDAQ:QCOM): Qualcomm (QCOM) Stock Gains on Chinese Patent License Deal Market Update: Qualcomm Incorporated (NASDAQ:QCOM) – Is Qualcomm Stock Suitable for Your IRA or Roth IRA?