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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 165.07-1.0%Nov 18 3:59 PM EST
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To: John Stichnoth who wrote (23428)2/25/1999 2:21:00 PM
From: Valueman  Read Replies (1) of 152472
 
Here are comments from Cabi--I saw him at the analyst's meeting but withheld spit. I know you are all disappointed. Let's look at the logic outlined below. First realize that a "Hold" is essentially a sell in analyst speak. So he maintains his sell rating while raising estimates. He also sees higher margins, infrastructure improvements, and bullish management. Sounds like a sell to me! By the way, I will summarize some of the meeting points this afternoon for your enjoyment.

Thursday February 25, 1:49 pm Eastern Time
RESEARCH ALERT - Qualcomm hold reiterated
NEW YORK, Feb 25 (Reuters) - CS First Boston analyst Marc Cabi said Thursday in research report he reiterated a hold rating on Qualcomm Inc. (Nasdaq:QCOM - news).

-- said raised his fiscal year 1999 earnings estimate to $2.71 from $2.50 and raised the fiscal year 2000 estimate to $3.35 from $3.00.

-- said Qualcomm offered bullish guidance at an upbeat meeting with analysts this week.

-- said Qualcomm's efforts to correct the earnings drag from the infrastructure division are encouraging. But said the future of the unit and its ability to reach breakeven by the fourth quarter of 1999 remains precarious.

-- said Qualcomm could post incrementally stronger gross margins this quarter.

-- said competition from Motorola Inc. (NYSE:MOT - news) and Nokia in the phone handset business is a ''very real threat that should apply considerable pressure.''

-- shares of Qualcomm fell 1/8 to 72-5/8 in morning trading.

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