Qualcomm (QCOM) closed the most recent trading day at $179.68, moving -0.4% from the previous trading session. This move lagged the S&P 500's daily loss of 0.14%. Elsewhere, the Dow lost 0.45%, while the tech-heavy Nasdaq lost 0.02%.Heading into today, shares of the chipmaker had lost 1.89% over the past month, outpacing the Computer and Technology sector's loss of 5.82% and lagging the S&P 500's loss of 0.13% in that time.Qualcomm will be looking to display strength as it nears its next earnings release, which is expected to be February 2, 2022. In that report, analysts expect Qualcomm to post earnings of $3 per share. This would mark year-over-year growth of 38.25%. Our most recent consensus estimate is calling for quarterly revenue of $10.42 billion, up 26.51% from the year-ago period.Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $10.49 per share and revenue of $39.38 billion. These totals would mark changes of +22.83% and +17.32%, respectively, from last year.It is also important to note the recent changes to analyst estimates for Qualcomm. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.15% higher within the past month. Qualcomm is holding a Zacks Rank of #2 (Buy) right now.Digging into valuation, Qualcomm currently has a Forward P/E ratio of 17.2. This represents a discount compared to its industry's average Forward P/E of 25.7.Also, we should mention that QCOM has a PEG ratio of 1.12. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Wireless Equipment stocks are, on average, holding a PEG ratio of 1.95 based on yesterday's closing prices.The Wireless Equipment industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 173, which puts it in the bottom 33% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com. Zacks' Top Picks to Cash in on Artificial Intelligence In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report QUALCOMM Incorporated (QCOM): Free Stock Analysis Report To read this article on Zacks.com click here.