Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 173.85

-1.6%

1:48 PM EST

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To: Ramsey Su who wrote (25277)	3/27/1999 3:52:00 PM
From: Art Bechhoefer	Read Replies (1) of 152472

Ramsey, Some of the initial buying must have been short covering, as there was a short position out there somewhere around 8 million shares. As to future price appeciation, I am not a Wall Street guru, though I do advise clients from my location in the finger lakes, in upstate NY. Based on the statements made at the Friday conference call, it seems reasonable to me to expect a share price within a year of somewhere between 140 and 170, using the following assumptions: (1) The market doesn't crash and maintains a level at least above 9200 on the Dow. (2) QCOM shares achieve a forward price-earnings ratio consistent with other telecommunication technology stocks (like Nokia, for example). (3) Revenue growth rate remains at least 40 percent annually (this is conservative, probably will be a lot more for the next couple years). Conclusion - one has every right to be bullish about this stock for the next five to ten years. Art Bechhoefer

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