Qualcomm Inc (QCOM)

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Qualcomm "overweight," estimates raised

Monday, June 14, 2004 11:00:50 AM ET
Prudential Financial


NEW YORK, June 14 (New Ratings) - Analyst Inder M Singh of Prudential Financial maintains his "overweight" rating on Qualcomm (QCOM.NAS), while raising his estimates for the company. The target price is set to $75.

Shares of Qualcomm, the global market leader in CDMA applications, are currently trading at $69.

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According to Prudential Financial's research note published this morning, Qualcomm is poised to benefit from the increasing adoption of BREW based applications in the forthcoming quarters. The company is expected to aggressively launch new wireless services in the near term, the analyst says. The company is likely to launch the MSM6150 and MSM6550 chipsets this quarter, as per schedule, the analyst adds.

According to Prudential Financial, Qualcomm is benefiting from the consistently growing demand for CDMA handsets. Wireless operators and developers expressed their satisfaction regarding the company's products during the recently held BREW Developers' conference in Sandiego, the analyst adds.

The EPS estimate for 2004 has been raised from $2.06 to $2.10. The P/E estimate for 2004 is 33.3x.

Prudential Financial maintains its "overweight" rating on Qualcomm.

http://www.newratings.com/new2/beta/article_432667.html