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Friday, April 23, 2004 10:47:59 PM
Friday, April 23, 2004 2:22:51 PM ET
Wedbush Morgan
NEW YORK, April 23 (New Ratings) — Analysts at Wedbush Morgan upgrade Qualcomm (QCOM.NAS) from “hold” to “buy,” while raising their estimates for the company. The 12-month target price is set to $83.
Shares of Qualcomm, a global CDMA (Code Division Multiple Access) technology wireless telecom solutions provider, are currently trading at $65.84.
According to Wedbush Morgan’s research note published yesterday, Qualcomm reported its 2Q FY04 results ahead of expectations. The analysts mention that the company’s earnings upside was primarily driven by its increased QTL (Qualcomm Technology Licensing) segment margins for the quarter. Qualcomm further strengthened its cash, cash equivalents and marketable securities position at the end of the March quarter this year, Wedbush Morgan says.
Qualcomm is well positioned to benefit from the robust CDMA handset demand trends in the near term, the analysts say. The company has raised its CDMA handset revenue guidance for 2004, Wedbush Morgan adds. According to the analysts, Qualcomm expects the average selling prices for its handsets to stabilize this year. Wedbush Morgan anticipates additional revenue growth opportunities ahead for the company through WCDMA (Wideband CDMA) deployments across its various end markets.
The EPS estimates for FY04 and FY05 have been raised from $1.85 to $2.03 and from $1.97 to $2.29, respectively.
Wedbush Morgan upgrades Qualcomm from “hold” to “buy.”
http://www.newratings.com/analyst_news/article_413321.html
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