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

To: Eric L who wrote (56610)	11/3/2006 8:58:00 AM
From: kech	Respond to of 197545

Analyst Reports - Credit Suisse is positive, keeps guidance, has a 2008 estimate of $2.14 eps UBS Focuses on the Strategic Investments (i.e. R&D) eventually paying off. Keeps target -50. Merrill Lynch keeps its objective at $60 but titles its report "Weakness Beneath the Surface" - i.e. margins weaker than expected and margins weaker. Keeps buy rating.

To: Eric L who wrote (56610)	11/3/2006 8:58:47 AM
From: slacker711	Read Replies (1) \| Respond to of 197545

Courtesy of trenchrat over on TMF.... QCOM Qualcomm: Color on quarter (36.36 ) Credit Suisse notes QCOM reported strong Q4 results with mixed guidance for Q1 and Y07. Firm continues to expect WCDMA adoption to accelerate in 2006 and for QCOM to achieve rev and EPS growth ahead of the overall handset market. Firm notes positives: 1) FQ4 EPS of $0.42 above their and consensus est of $0.41; 2) FQ1 WCDMA/CDMA handset unit shipment guidance of 74-76 mln above their est of 70 mln and FQ1 ASP guidance of $209 vs. their est of $196; 3) CY07 WCDMA/CDMA handset unit shipment guidance of 368-388 mln above their est of 354 mln units despite not including China 3G shipments. Firm notes negatives: 1) FY07 EPS guidance of $1.76-$1.81 below their est of $1.85 and consensus of $1.82; 2) FQ1 EPS guidance of $0.42-$0.44 below their est of $0.45 primarily due to lower than expected MSM shipment guidance of 55-58 mln vs. their est of 61 mln; 3) Pessimistic commentary regarding expected potential timing of resolution with NOK, although the estimated risk to FY07 EPS associated with NOK of $0.04-$0.06 was in-line with their est of $0.05... Jefferies says QCOM remains one of their best pure play picks into the 3G migration trend. As strong proxy for the broader wireless handset market, firm says QCOM themetics for CY07 remains strong despite the on-going NOK battle, and supports their positive stance on QCOM's position. On call, firm say QCOM confirmed that outside of LatAm, regional dynamics were good with strong momentum for W-CDMA. In Europe, firm says shipment growth is expected to track up in this quarter, after slowing down in the Sept quarter. In Japan, firm says operators such as KDDI and SoftBank are stocking up inventory ahead of the seasonal holidays and that excess inventory in China and India is nearly digested.