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

To: Art Bechhoefer who wrote (43956)	1/2/2005 3:08:44 PM
From: JohnG	Read Replies (2) \| Respond to of 197419

Art, Have you seen or made any esta of the impact of FASB's new standard. I hope that the republican House/Senate derails FASB. I think it is VERY BAD for the country. Without a steady strean of innovation the US simply will not be able to keep on the cutting edge -- and that is what it will take to stay in the economic forefront, given the Asian manufacturing economies of scale. I hate to think that the future of this country will fall into the hands of a group of myoptic accountants. They only see the little picture.

To: Art Bechhoefer who wrote (43956)	1/4/2005 10:51:59 AM
From: Jim Mullens	Read Replies (1) \| Respond to of 197419

Art, Re: S&P QCOM EPS and Target estimates, and your comment - “the Business Week article probably doesn't factor in the effect of a change in accounting for options, required by FASB beginning the second half of this year” S&P QCOM target calc >>>>>>>>>>>> Applying a p-e multiple of 35.3 to our fiscal year 2006 (ending September) EPS estimate of $1.50, a premium to peers that we think is warranted by above-average growth potential, we arrive at our 12-month target price of $53. <<<<<<<<<<<< Standard & Poor’s QCOM $53 target considers “estimated stock option expense and other adjustments”. S&P estimates- ...........................................FY2004..........FY2005...........FY2006....Target ...GAAP..(w/o QSI)..............$1.09..............$1.20...............$1.50........$53 ...Core..(w/o stk Options)............................$1.05...............$1.35 They base their $53 target on a $ 1.50 FY06 GAAP EPS and a 35.3 PE multiple while recognizing that their $1.35 FY06 “Core” EPS removes $0.15 for “estimated stock option expense and other adjustments". BTW, you nailed the 2004 ye QCOM share price @ $42.50 ($85 before the 2 for 1) if I recall correctly. What’s your “guess” for 2005 ye?