Qualcomm (QCOM) is scheduled to report results of its fiscal third quarter after the market closes on July 28 with a conference call scheduled for 4:45 pm ET. What to watch for:

1. EPS, REVENUE CONSENSUS HIGHER: Along with its last report, Qualcomm guided for Q3 adjusted earnings per share of $1.55-$1.75 on revenue of $7.1B-$7.9B. At the time, analysts expected the company to report Q3 EPS of $1.52 on revenue of $7.11B, but those figures have since risen to $1.67 and $7.55B, respectively.

2. CANACCORD: Earlier today, Canaccord analyst T. Michael Walkley raised the firm's price target on Qualcomm to $195 from $188 and maintained a Buy rating on the shares. The analyst previewed its quarterly report and said "With global smartphone demand recovering and supply constraints gradually easing, Qualcomm is well positioned to benefit from the long-term 5G investment cycle, and we anticipate strong earnings through F2022 and beyond as 5G smartphones ramp; the mix of 5G grows, benefiting Qualcomm with 50% greater content than a 4G smartphone; the RF business ramps; and strong trends in IoT and automotive augment overall growth."

3. IPHONE SALES: Meanwhile, KeyBanc analyst John Vinh noted that Apple (AAPL) reported better-than-expected Q3 iPhone revenues, which meaningfully exceeded expectations given strong demand for the iPhone 12 and a higher ASP mix-shift toward the 12 Pro and 12 Pro Max. While Apple did not provide explicit guidance, it indicated September revenues would be less than the June quarter's year-over-year growth of 36% in part due to supply constraints, the analyst said. Vinh noted that he believes these constraints are likely due to shortages of PMICs and OLED DDICs and are unlikely to negatively impact demand from any supplier in his Apple supply-chain coverage universe. As a result, the analyst views the tech giant's results and commentary as moderately positive for iPhone suppliers, including Qualcomm.

4. GOLDMAN UPGRADE: Earlier this month, Goldman Sachs analyst Rod Hall upgraded Qualcomm to Neutral from Sell and raised his price target on the shares to $148 from $136. The analyst said he believes Qualcomm is "poised to benefit from multiple tailwinds" in the second half of 2021, including an earlier iPhone launch and improving supply situation. Hall added that he expects Qualcomm to likely report "strong chip numbers" in the second half, driven by higher iPhone builds and increased TSMC capacity availability.