Qualcomm Inc (QCOM): 7:44am 03/05/04 QCOM gains as Deutsche u...

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Friday, 03/05/2004 8:30:01 AM

Friday, March 05, 2004 8:30:01 AM

7:44am 03/05/04 QCOM gains as Deutsche upgrades to 'buy' (QCOM) By Ciara Linnane
NEW YORK (CBS.MW) -- Telecoms equipment-maker Qualcomm (QCOM) shares rose in premarket trade after Deutsche Bank upgraded the stock to "buy" from "hold" on expectations the company will pay a major role in advancing 3G technologies. The company is a leader in the CDMA2000 market, analyst Brian Modoff told clients in a note. Qualcomm is managing comptition from a consortium of Texas Instruments, STMicro and Nokia well, and is well-placed to compete with NTT DoCoMo in Asia, he said. Deutsche is lifting its CDMA handset forecast for 2004, driven by expected growth in India. Qualcomm shares were last quoted at $63.16, up from $62.75 at Thursday's close. Deutsche also upgraded Powerwave to "hold" vs. "sell".

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