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Shares of Qualcomm Inc (NASDAQ: QCOM) tanked in early trading on Thursday, even after the company reported strong quarterly results and the extension of its deal with Apple Inc (NASDAQ: AAPL).

The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.

KeyBanc Capital Markets analyst John Vinh maintained an Overweight rating, while raising the price target from $165 to $180.
Piper Sandler analyst Harsh Kumar reiterated an Overweight rating, while lifting the price target from $140 to $165.
Cantor Fitzgerald analyst C.J. Muse reaffirmed a Neutral rating and price target of $150.
Bank of America Securities analyst Tal Liani maintained a Buy rating and price target of $173.
Oppenheimer analyst Rick Schafer reiterated an Perform rating on the stock.

Check out other analyst stock ratings.

KeyBanc Capital Markets: Qualcomm reported strong results for its fiscal first quarter, which topped expectations, with upside being driven by “stronger than expected Android smartphone demand and robust auto,” Vinh said in a note.

“In F2Q, Android demand is sustained with shipments expected to be flat q/q, with AAPL expected to be seasonally down,” the analyst stated. Qualcomm announced that it has extended a multiyear chip agreement with Samsung as well as “extended licensing agreements with AAPL for 2 years and 2 Chinese OEMs,” he added.

Piper Sandler: “The company appears to be benefiting from strong trends at its modem-only customer,” Kumar wrote in a note. He added that tailwinds for Qualcomm included “a recovery in the Android space both at Samsung and the China geo.”

This backdrop is allowing Qualcomm to “display a steady cadence of revenue and EPS growth,” the analyst said.

Cantor Fitzgerald: Despite handset weakness in China, Qualcomm delivered a solid beat and raise quarter, Muse said. “And looking to the March Q, Android revenues are expected to be flat Q/Q, supporting a revenue guide of only down 6% Q/Q,” he added.

“Elsewhere, Automotive reached record levels again in December, while IoT likely bottomed in 4Q and was guided to recover throughout CY24,” the analyst further stated.

BofA Securities: “Strong automotive and handset semiconductor revenues in 1Q drove better than expected results,” Liani wrote in a…

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