QUALCOMM, Inc. (NASDAQ:QCOM) reports its December quarter earnings results on Wednesday, and analysts aren’t really expecting too great. However, Evercore remains positive on the company going into the report—in spite of the fact that they lowered their December and March estimates.

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Volatility expected in Qualcomm shares

Evercore analysts Mark McKechnie and Zachary Amsel report have adjusted their estimates for QUALCOMM, Inc. (NASDAQ:QCOM)’s December and March quarters because of the weaker than expected results from Samsung. Their earnings per share estimate for the December quarter remains the same at $1.18 per share, although they bumped their March earnings per share estimate down to $1.22 from $1.24 per share.

They trimmed their December quarter revenue from $6.7 billion to $6.6 billion based on lower chip unit sales and average selling prices. They assume those numbers are partially offset by better QTL / loyalty during the quarter.

Qualcomm’s results expected to be in line

In QUALCOMM, Inc. (NASDAQ:QCOM)’s report this week, the Evercore team will be looking for QCT chip sales of $4.6 billion based on 203 million. That compares to the chip maker’s guidance of between 195 million and 210 million chips during the quarter. They’re estimating an average selling price of $22.50, which is a slight decrease from September’s average selling price of $23.46 and their previous estimate of $22.80. They’re also expecting to see margins of 17.4% and QTL royalties of $1.9 billion. That’s based on a royalty base of $61.4 billion. They also expect to see 272 million industry chips at an average selling price of $226.

Evercore remains Overweight on Qualcomm

The Evercore team also trimmed their estimates for the full fiscal year from $5 to $4.95 per share, which is at the low end of QUALCOMM, Inc. (NASDAQ:QCOM)’s provided guidance of between $4.95 and !5.15 per share.

In spite of their lower estimates for QUALCOMM, Inc. (NASDAQ:QCOM), they kept their Overweight rating and $80 per share price target for the company.