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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting
QCOM 177.78-2.2%Jan 9 3:59 PM EST
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To: Ramsey Su who started this subject1/26/2004 7:53:59 PM
From: Gaffer  Read Replies (1) of 197157
 
RBC ups Qualcomm to Outperform and raises price target from $60 to $66. (01/21/04)

Qualcomm raised its FY2004 guidance to a range of $1.56 to $1.61, and
we believe these estimates could prove conservative given strong CDMA
market trends.
.
Due to continued strong global CDMA trends and improving 3G visibility,
we are raising our price target to $66, our fiscal 2004 estimates from $1.52
on $4.3B in revenue to $1.61and $4.3B, and our fiscal 2005 estimates from
$1.69 and $4.7B to $1.88 and $4.9B.

Our $66 price target is based on the stock trading at 35x our FY2005 EPS
estimate. We believe this multiple is reasonable for the CDMA leader with
strong long-term growth potential. We maintain our Outperform rating with
Above Average Risk qualifier.
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