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

QCOM 175.52

+0.7%

12:19 PM EST

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From: Ken S.	11/5/2006 6:59:03 PM
	Read Replies (1) of 196839

11/03/06 08:21 am EST... S&P DOWNGRADES OPINION ON SHARES OF QUALCOMM TO BUY FROM STRONG BUY (QCOM 36.36****): QCOM posts Sep-Q results of $0.36 vs. $0.32, before special items, a penny below our estimate. Sales grew 33%, led by strong license fees and chipset volumes, although margins did narrow for the chipset unit. While Dec-Q is normally QCOM's strongest quarter, EPS guidance was not above our prior forecast. With our view of legal risks and slowing CDMA demand in Latin America, we are reducing our FY 07 (Sep.) EPS estimate to $1.65 from $1.70. Based on 25.5X our FY 07 EPS estimate, a premium to peers warranted in our view by faster growth, our target price falls to $42 from $50. /K. Leon-CPA

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