Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 174.01

-0.3%

Nov 14 9:30 AM EST

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To: Uncle Frank who wrote (99570)	5/20/2001 11:36:49 PM
From: JGoren	Read Replies (1) of 152472

I think what kind of price qcom will reach centers on what will happen when spinco trades. When spinco is broken out in the financial statements, it may surprise some how profitable it is. On the other hand, pctel has a good point that an awful lot of R&D is going to have to go into spinco. Qcom could easily reach 100 imho by the end of the year sometime) if Nasdaq heats up, but I don't think it will stay there. The market is looking to see earnings and there is no expectation that the earnings will shoot up until 2002. Right now we are running at a 50 PE on anticipated Y2002 earnings of 1.34. Running forward on 30% earnings increases, it would be 2003 (anticipating Y2004) before we could justify over 100 and be comfortable with it sticking. I am using a PE of 50, although 2002 could justify 102 at 60PE.

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