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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: Art Bechhoefer who wrote (119309)	5/25/2002 4:14:35 AM
From: Skeeter Bug	Read Replies (3) \| Respond to of 152472

art, qcom doesn't have a stellar record telling people about bad news. they market very well. marketing well is spinning everything. if you believe management always tells everything then you still have some learning to do.

To: Art Bechhoefer who wrote (119309)	5/25/2002 10:57:26 AM
From: Eric L	Read Replies (3) \| Respond to of 152472

Art, << Qualcomm price target lowered on reduced visibility at SoundView ... They must not have attended the analyst conference on May 22. If they did have someone there, he must have been an idiot. >> Not every analyst is a Q Perma-Bull. The "idiot" was Matt Hoffman. Matt makes extended comments on channel inventories and comments on his reasons for lowering his price target (while maintaining a buy rating) here: May 23: Qualcomm Company Update: Still Concerned About 1X Chipset Inventory Levels research.soundview.com On a positive note Matt comments: "One of our favorite parts of the Qualcomm story right now is the promising BREW technology." To get an idea where Matt is coming from it is best to read the February 26, March 22 (We now value QUALCOMM at $48 using a sum-of-the-parts analysis, down from $55 - For F02, we are currently modeling $2,766 million and $0.91 compared to consensus $2,846 million and $0.93), and April 25 (Our price target remains $48, but we continue to express caution on the high expectations the Street maintains for 2003 ... our belief that earnings growth will remain elusive at QUALCOMM until 2004 has only grown stronger in the intervening period), reports. Over the last year Matt has moved from cool (pre-Nokia agreement) to warm, to very warm, back to warm, and he remains somewhat more conservative than many analysts on Qualcomm at the moment ... but he is very well sourced, always backs up his views on Qualcomm (and other sector players) with some reasonable analysis, and has exceptionally good knowledge of the handset industry. Happy Memorial Day, - Eric -