Qualcomm (NASDAQ:QCOM) — This company is a leader in developing products and services based on its advanced wireless broadband technology. And its performance had been outstanding until it was hit with a shortage of chips fromJapan.
That and profit-taking drove the stock from its March high of over $68 to its bullish support line and 200-day moving average at $57.22.
Earnings are expected to increase to $3.25 in 2012 versus $2.70 in 2011, and analysts have a target of between $75 and $81 within 12 months.
Long-term buyers should add this premier tech stock to their portfolio now, and traders should expect a rebound to $63-$65.