Qualcomm is facing some bumps this year, but the stock is still attractive.

The maker of mobile processors and 5G wireless chipsets will offer its latest update when it reports after the market close.

The Wall Street consensus estimates for Qualcomm is for the company to report December quarter revenue of $12.13 billion, with adjusted earnings per share of $3.39. Analysts' consensus estimates for the current quarter are for revenue of $11.11 billion and EPS of $2.90.

On Monday, Bernstein analyst Stacy Rasgon reiterated an Outperform rating on Qualcomm shares. Rasgon has a $200 target for the stock.

There have been concerns that rising memory prices could crimp demand for smartphones this year.

"Qualcomm has remained out of favor amid [a] general distaste of smartphones...and recent dynamics in the memory market," he wrote. "We still believe there is value to be had under the surface [with its] objectively strong product portfolio."

The analyst cited how Qualcomm stock's ratio of price to forward earnings is at a 44% discount to the number for the S&P 500.

Qualcomm stock is down 15% this year, compared with a 13% rise for the iShares Semiconductor exchange-traded fund.