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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 174.54-1.2%3:59 PM EST
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To: engineer who wrote (28175)4/23/1999 1:22:00 PM
From: jpbrody  Read Replies (4) of 152472
 
Engineer, here's the link to H&Q report:

PDF file:
schwabnet.com

HTML file:
schwabnet.com

Of course, you probably have to have a schwab account to access these.

It's mostly a summary of the conference call and then this bit of analysis:

Explosive demand will fuel CDMA unit growth but increased competition will pressure ASPs and margins in FY2000; Maintain HOLD. Qualcomm is leading the pack in CDMA products but will see increasing pressure on pricing, margins and revenue growth as competition in handsets and ASIC's heats-up. The company's stellar performance is confirmation that CDMA will exhibit explosive growth this year and that component suppliers - especially vertically integrated suppliers like Qualcomm - will benefit. The stock has traded up in anticipation of these results and although it will likely appreciate further in the short term, most of the good news is already reflected in the stock price. We are increasing our revenue and earnings estimates to reflect the uptick in demand for CDMA products. The stock is currently trading at 30x our $4.71 FY00 earnings estimate which is a premium to the 20% revenue growth and in-line with the 33% earnings (operating - excluding chgs) growth rate. Given the stock will likely open in the $150 - $160 range, we are maintaining our rating of HOLD.
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