By Tae Kim

Qualcomm may not be significantly affected by the trade war turmoil.

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

The Wall Street consensus estimates for Qualcomm is for the company to report March quarter revenue of $10.6 billion with adjusted earnings per share of $2.82. Analysts' estimates for the current quarter's revenue is $10.3 billion and earnings per share of $2.67.

On Monday, Bernstein analyst Stacy Rasgon reiterated his Outperform rating on Qualcomm shares, citing low valuation. Rasgon has a $185 target for the stock. The stock closed at $146.88 Tuesday, down 0.5% for the day.

"The stock remains very cheap," he wrote. Qualcomm trades at a "40% discount to both the SOX [PHLX Semiconductor index] and S&P, one of the sharpest discounts in many years. In a world where uncertainty increasingly reigns this seems likely to help."

Earlier this month, the Trump administration announced exemptions for some imported tech hardware products -- including smartphones, computers, and other items -- from the current tariff of 145% on China imports. However, chips and electronics are expected to be covered under a new sector tariff that will be announced in the coming weeks, officials have said.

The analyst said the U.S. accounted for just 10% of global smartphone shipments, lowering the impact of any potential future tariffs to the company.

Qualcomm stock is down 4% this year, compared with the 15% decline for the iShares Semiconductor ETF.

Write to Tae Kim at tae.kim@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

April 30, 2025 00:30 ET (04:30 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.