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

QCOM 173.51

+1.5%

10:20 AM EST

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To: GO*QCOM who wrote (31106)	1/13/2003 10:53:27 AM
From: quidditch	Read Replies (1) of 197059

GS on Q this morning: nothing new but generally positive and in-line with guidance. We expect QCOM to post strong FQ1 (Dec) results with a positive Mar qtr outlook. QCOM preannounced Dec and Mar qtr chipset shipments would exceed previous guidance on 12/6; we are modeling Dec at $1.02B and $0.39 and Mar at $892M and $0.32. We remain optimistic regarding QCOM's near term strength and long term prospects, but maintain some reservations regarding the sustainability of current momentum even though we have factored in a pause in chipset shipments for through the back half of 03. QCOM trades at 32x CY03 EPS, which is not inexpensive, but given market position, accelerating growth profile, and profitability, we believe it should maintain a premium to growth and should outperform peers from a trading standpoint and thus we reiterate our OP/C rating. quid

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