Chipmaker Qualcomm (QCOM) reported better-than-expected Q4 results after the market closed on November 4. However, despite the earnings beat, analysts remain concerned about rising component costs, gross margin pressure, and potential weakness in the handset market. Following the results, several analysts lowered their price targets on QCOM, with some maintaining Sell ratings. Shares were trading lower in premarket trading on November 5.

Meanwhile, Qualcomm is making progress in diversifying beyond its handset business, with data centers, automotive, and IoT emerging as key growth drivers. Its data center opportunity is gaining traction, with management expecting revenue to exceed $650 million in the December…