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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting -- Ignore unavailable to you. Want to Upgrade?

To: John Biddle who wrote (33349)	3/11/2003 6:22:28 AM
From: John Biddle	Read Replies (2) \| Respond to of 196718

Qualcomm "hold" reiterated 03/10/2003 WR Hambrecht & Co newratings.com NEW YORK, March 10 (New Ratings) – Analyst Peter C Friedland of WR Hambrecht reiterates his "hold" rating on Qualcomm (QCOM). The 12-month target price has been reduced from $41 to $36. Shares of Qualcomm, a leading software company instrumental in the commercialization of code-division multiple access technology used in wireless communications equipment and satellite ground stations, are currently trading at $35.18. According to WR Hambrecht’s research note, Qualcomm recently pre-announced an upward revision in chipset shipments for FQ203 and a sequential drop in chipset shipments for FQ303. The analysts reduce their FY03 EPS estimate from $1.48 to $1.44 on account of low visibility on CDMA growth in India and China. The analysts mention that Qualcomm expects China Unicom’s handset subsidies, whose removal led to sluggish growth, to be reinstated soon. The analysts expect Nokia to improve CDMA market share in 2H03 and impact Qualcomm’s chipset shipments by FQ403. The EPS estimates for 2002, 2003 and 2004 are $0.80, $1.44 and $1.60, respectively. The P/E estimates for 2003 and 2004 are 1.48x and 1.65x, respectively. WR Hambrecht reiterates its "hold" rating on Qualcomm.