Qualcomm (QCOM) is scheduled to report results of its fiscal fourth quarter after the market closes on November 2 with a conference call scheduled for 4:45 pm ET. What to watch for:

GUIDANCE: Along with its last report, Qualcomm guided for Q4 adjusted earnings per share of $3.00-$3.30 on revenue of $11B-$11.8B. At the time, analysts were expecting the company to report Q4 EPS of $3.23 on revenue of $11.87B, but those figures have since fallen to $3.13 and $11.37B, respectively.

HSBC: Last week, HSBC analyst Frank Lee initiated coverage of Qualcomm with a Buy rating and $180 price target, saying the company has "the most complete technology offering of any chip maker," especially in modems and radio frequency front-end connectivity chips. This will enable it to expand its product portfolio beyond the slowing smartphone segment into autos and internet-connected devices, said the analyst, who sees Qualcomm as "well positioned for growth beyond smartphones" and having limited risks to earnings, even as smartphone demand slows.

BARCLAYS: Recently, Barclays analyst Blayne Curtis cut his price target on Qualcomm to $120 from $160 and kept an Equal Weight rating on the shares. The analyst is "actively looking for a bottom to get more positive" on the semiconductor sector and sees it closer in some end markets than others, but still believes "it is too early to pull the trigger across the board." He expects "material cuts" through earnings in radio frequency, memory, and PC and would look for these cuts to get more positive.

DEUTSCHE BANK: In mid-October, Deutsche Bank analyst Ross Seymore lowered his price target on Qualcomm to $160 from $170 and maintained a Buy rating on the stock, saying that the company's recent track record of delivering solid print/guide will be "put to a test" in fiscal Q4 and Q1. The analyst added at the time that he continues to expect the company's "relative resiliency" to withstand the macroeconomic headwinds relatively better than rest of the smartphone-exposed semi peers.

KEYBANC: In early October, KeyBanc analyst John Vinh cut his price target on Qualcomm to $170 from $220 and kept an Overweight rating on the shares. His quarterly supply chain findings are mixed, but mostly negative. Feedback from the supply chain indicates Asia is undergoing a broad-based inventory correction as channel partners look to destock excess buffer inventories, as supply continues to normalize, the analyst notes. As Asia is going through destocking, he sees companies raising prices, which supports his framework for a "soft landing scenario."

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