Qualcomm: the cycle turned two quarters before the revisions will

Bookings troughed two quarters ago and the revision cycle follows intake with a lag. Consensus is still anchored to the trough print.

Elena Petrova@elena_petrova

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Discussion · 4

Noa BergmanJUL 24

Strong piece, one objection. The depreciation schedule really is the whole disagreement. Does the same logic apply to the closest comparable?

Marco BianchiJUL 24

I hold the other side of this. The comp table did more work for me than the narrative did. Any view on how the read-across affects the rest of the group?

Dana KatzJUL 23

I hold the other side of this. The installed base argument is stronger than the cycle argument here. Curious whether you would still size it the same at a higher entry.

Yael BrennerJUL 23

I have been waiting for someone to make this argument. The contract structure matters more than the headline rate. Does the same logic apply to the closest comparable?

QCOMLong

Near

Entry$168.59

Resolved$175.33

14d horizon

PositionNo position

Compensation

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ViewsThese are the creator's own views

This is research, not financial advice. Calls lock at publish and are graded by the market; they can be and often are wrong. Do your own research and consider your own circumstances before acting.