Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 177.78

-2.2%

Jan 9 9:30 AM EST

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To: qveauriche who wrote (134726)	7/15/2004 1:07:44 PM
From: Cooters	Read Replies (1) of 152472

QV, In addition to Jon's point.......... I've seen two 2005 forecasts in enough detail to see where they are coming up with the weakness. Smith Barney is only modeling 35M WCDMA handsets in CY05, well below QCOM's conservative forecast and half of mine. So they are just plain bearish on WCDMA. Morgan Stanley actually has a decline in earnings for 2005, based on flat QTL revenue and declining QCT revs. They explain QCT is because of a sharp dropoff in CSM's, I really don't know what kind of ASP decline you would need to see to make QTL flat with QCOM's forecast for overall volume growth, but it would be substantial. Back to Jon's point, basically.

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