** Chip designer Qualcomm QCOM.O on Wednesday forecast quarterly sales and profit above market expectations as premium smartphone sales rebounded, but it flagged a possible loss of business next year from key customer Samsung 005930.KS

** Shares down ~3% to $174.4 premarket

"MORE HERE THAN MEETS THE EYE"

** Bernstein ("outperform," PT: $215) says "we understand reluctance to own a 'smartphone story'. But we really do believe there is more here than meets the eye"** Adds that fears over margins seem unfounded

** J.P.Morgan ("overweight," PT: $210) says the early stage of QCOM's PC diversification and upcoming datacenter revenue opportunities present a compelling long-term entry point for patient investors, even as broader market focus remains on slowing revenue growth from FY25 to FY26 and share losses to Apple and Samsung, overlooking the company's sustained double-digit growth in non-Apple revenues over the past five years

** Oppenheimer ("perform") is taking a wait-and-see approach to Qualcomm's AI push, citing the company's relatively recent foray into the space

** Piper Sandler ("overweight," PT: $200) says QCOM is delivering on finding growth despite the departure of the large handset customer

(Reporting by Joel Jose in Bengaluru)

((joeljose@thomsonreuters.com))