Qualcomm and Intel both released their earnings reports last night after closing bell, and it was quite a different story. Intel shares tumbled as investors expressed their disappointment and piled into Qualcomm, which had much more satisfying results to report. Wall Street analysts were quick to adjust their price targets for both chip makers following last night’s report.

Qualcomm

Shares of Intel slipped by as much as 4.38% to $34.11, while Qualcomm shares surged by about 8% to as high as $60.28 during regular trading hours on Thursday.

Qualcomm added to Goldman’s Conviction List

Qualcomm reported adjusted earnings of $1.16 per share on $5.6 billion in revenue, compared to the consensus estimates of 97 cents per share and $5.58 billion. The chip maker’s outlook was also solid, with consensus falling toward the low end of the provided ranges.

Goldman Sachs analyst Simona Jankowski and team had already rated Qualcomm as a Buy before last night’s earnings report, but that report led them to add the chip maker to their Conviction Buy list. They also raised their price target from $64 to $70 per share, representing a higher multiple of 13 times calendar year 2017 P/E. Their previous multiple was 12 times.

They believe the quarter will trigger a new upward estimate revision cycle following two years of cuts. Qualcomm’s earnings fell 12% in fiscal 2018 and are expected to fall 8% in fiscal 2016, which ends in September, as the company lost share in the chipset market and also dealt with regulatory issues in China.

Many major investors turned bearish on Qualcomm, such as JANA Partners, which unloaded most of its position fairly recently. The Goldman team believes the chip maker has taken back the leadership position at the high end and mid-range of the chip market on the back of several strong new product cycles.

Analysts from other firms also excitedly raised their price targets for Qualcomm. Pacific Crest moves from $59 to $67 per share on the chip maker, while Credit Suisse analysts upped their target from $67 to $70 per share. RBC Capital Markets analysts raised their target from $55 to $59 per share, while Stifel Nicolaus analysts moved from $59 to $67 per share on Qualcomm.

Intel earns price target increases too

Although investors unloaded Intel shares following last night’s earnings report, analysts from at least two firms have raised their price targets for the chip maker. The chip maker beat analyst estimates for the bottom line, but missed Wall Street’s expectations for revenues. It posted adjusted earnings of 59 cents per share on $13.5 billion in sales, compared to the consensus estimates of 53 cents per share and $13.54 billion in revenue.

Intel’s Internet of Things Group also posted lower-than-than expected revenue at $572 million, compared to the expected $663.8 million. The Data Center Group also came up short at $4.03 billion, against expectations of $4.16 billion. MKM Partners Executive Director Ian Ing said the Client Computing Group helped Intel beat estimates for the bottom line. He bumped up his price target for the chip maker from $39 to $40 per share.

He liked management’s decision to hold back commentary on PC contributions and gross margins as he sees the potential for upside on their conservative commentary. Intel expects PCs to fall in the high-single digits, although the second quarter was better than that with a decline in the mid-single digits. He also said the chip maker is getting back its “mojo” and believes that last night’s earnings report created a buying opportunity.

Pacific Crest analysts also raised their target for Intel, moving from $37 to $38 per share following last night’s report. Many firms have become more constructive on Intel since the reports that it had stolen some chip orders for Apple’s iPhone 7 away from Qualcomm.