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Look for a Rebound in Qualcomm

QCOM appears to be on its way back up after profit-taking


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.

Trade of the Day – Qualcomm (NASDAQ:QCOM)
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Trade of the Day Chart Key

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