NEW YORK (TheStreet) -- With Qualcomm's (QCOM) stock off around 2.5% from Tuesday's close price, Wall Street isn't ready to look past the company's licensing issues in China, despite its Wednesday reveal that it plans to grow revenue between 8% and 10% each year through 2018.
Qualcomm executives including Chief Executive Steven Mollenkopf, (pictured) met with analysts Wednesday at the Grand Hyatt hotel in New York City and provided additional forward-looking guidance on its Qualcomm Chip Technologies (QCT) and Qualcomm Technology Licensing (QTL) businesses.
Though the company didn't provide financial estimates, it also further laid out its plan to capitalize on adjacent markets such as wearable technology, automotive and home automation industries. Qualcomm is repurposing its smartphone chips to hopefully grab a significant portion of what it refers to as the "Internet of Everything," a market it estimates will grow to 5 billion non-handset units by 2018.
Analysts appear to be buying into the long-term view of the company. In the short-term, however, they believe the stock will show little improvement until Qualcomm is able to resolve its conflicts in China where it's currently under investigation for violating antitrust laws and in dispute with Chinese device manufacturer.
Wednesday, the company provided no update on timing for resolutions in China, leaving Wall Street still fixated on the matter. Perhaps a little too fixated, if you ask Qualcomm CFO George Davis.
Here's what analysts had to say about the meeting:
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