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Strategies & Market Trends : MDA - Market Direction Analysis

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To: UnBelievable who wrote (54207)	6/15/2000 8:30:00 AM
From: UnBelievable	Read Replies (2) of 99985

Chase trims Qualcomm Estimate By Michael BaronCBS MarketWatch Thursday, June 15, 2000 --8:22 am Qualcomm is losing 2 3/4 to 67 3/4 in Instinet pre-market trading. Chase H&Q analyst Edward Snyder lowered his fiscal 2000 EPS estimate to $1.07 from $1.11 his 2001 estimate to $1.27 from $1.49. As a result, Snyder initiated a 12-month price target of $50 a share. He said that the Korean government's ban on handset subsidies will "significantly" retard subscriber growth. He noted that Conexant (CNXT: news, msgs) recently halved its Korean handset sale forecast in 2000 to 8 million units. Snyder also said that even if CDMA was ever deployed in China, revenue appeared to be "at least three years away. Meanwhile, First Union Securities analyst Mark Roberts said that he can "find no evidence of a slowdown in the global demand for CDMA handsets, even considering the likely slowdown of growth in Korea." He added that he was comfortable with his estimates. On Wednesday, the Qualcomm's stock dropped 13 percent to 70 1/2 after its CFO said at the Bear Stearns technology conference that he was still evaluating the Korean government's decision.

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