By Christiana Sciaudone
Investing.com -- Qualcomm (NASDAQ:QCOM) rose to a record after strong guidance and earnings that beat expectations.
The company expects revenue of between $7.8 billion and $8.6 billion for the first fiscal quarter of 2021, with earnings per share of $1.95 to $2.15, as 5G demand ramps up.
Qualcomm sees 2021 5G handset demand growing to about as many as 550 million from between 175 million and 225 million in fiscal 2020.
Fiscal fourth quarter earnings per share of $1.45 beat the expected $1.17 on sales of $6.5 billion versus the estimated $5.9 billion.
Shares are up 13%.
Analysts from Cowen to Deutsche Bank (DE:DBKGn) raised price targets on the stock following the results report.
Mizuho Securities maintained a buy rating and bumped its price target to $154 from $145 on strong 5G Chinese demand ahead, as well as better-than-expected shipments, according to StreetInsider.
Morgan Stanley (NYSE:MS) raised its price target on Qualcomm to $159 from $121, keeping its overweight rating.
"Qualcomm reported an exceptionally strong quarter, with 2h revenues about 15% above our estimate as volumes are less weak - but still realistic - and content is growing," Morgan Stanley wrote in a note, according to StreetInsider. "New segmentation adds transparency, as we had hoped. Rerating story continues."