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

To: slacker711 who wrote (81205)	10/20/2008 2:59:09 PM
From: slacker711	Read Replies (2) \| Respond to of 197798

AmTech Cuts Price Target on Qualcomm (QCOM) to $55; Maintains Buy streetinsider.com More News related to Analyst Comments October 20, 2008 1:48 PM EDT American Technology Research lowers its price target on Qualcomm (Nasdaq: QCOM) from $65 to $55 but maintains a Buy rating. The firm cites "softening in the US and lower growth in 2009." Although the firm believes that Qualcomm's secular growth story remains intact, AmTech trimmed its FY09 EPS estimate from $2.58 to $2.50, versus the Street estimate of $2.62. AmTech points out that recent checks have indicated that a meaningful slowdown in subscriber additions at US CDMA operators occurred so far during October. The firm now sees December chipset sales of 82 million, down from 89 million previously, and chip average selling prices of $19.80, down from $20. The firm said its new forecast "reflects a reduction in handset channel inventory and just 16% q/q CDMA industry unit growth versus our previous 19%." AmTech also believes that Qualcomm's royalties have been impacted by the credit crisis, and lowered its FY09 CDMA/WCDMA unit forecast from 539 million to 525 million. The firm maintains its average selling price estimate of $209. With shares of Qualcomm currently trading around $39.42 (down 0.8%), AmTech's $55 price target still represents potential price appreciation of more than 25% from current levels.