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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting

QCOM 170.90

-1.3%

Nov 7 9:30 AM EST

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To: John Carragher who wrote (15825)	10/16/2001 8:32:08 AM
From: Cooters	Read Replies (1) of 196559

From SSB, SUMMARY * We are lowering our FY02 and FY03 estimates for QCOM due to lower CDMA unit growth expectations post our downward revision of our worldwide handset forecast on Sept 28. We have lowered our FY02 and FY03 EPS estimates to $1.15 & $1.37, respectively, from $1.30 & $1.65. * QCOM reports Sept qtr results Nov 6th post-close. We do not expect any major surprises in the qtr while all eyes are on Dec qtr and FY02 guidance. * We believe the outlook for QCOM remains strong both in the near-term (due to 1X upgrades) and the long-term (due to the migration to 3G). Near-term EPS guidance uncertainty already reflected in the stock and the solid 1X outlook over next 12 months should become focus again post-earnings call. * Using various valuation techniques we arrive at price targets for the stock ranging from $66-$78, and our new official target is $70. We are reiterating our Buy rating and believe the stock remains attractive at current levels.

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