Qualcomm (NASDAQ:QCOM) — This company is a leader in developing products and services based on its advanced wireless broadband technology. It reported a huge fiscal Q4 gain and raised its guidance to $3.78 in fiscal year (FY) 2013 (ended in September) versus $3.07 in 2012. Expectations for FY 2014 earnings were recently revised upward to $4.30.
As a result of the earnings strength, many analysts have raised their price targets. S&P has hiked its target twice in the past 90 days, and it is now at $84.
Last week, the stock broke through the resistance line of a right triangle while gapping through its 20-day moving average (green line). This is the second breakaway gap in a month — a rare occurrence that demonstrates the power of this formation.
Longer-term investors could expect much higher prices since this company is on an earnings tear that could exceed analysts’ estimates in every quarter in FY 2013.