Zeev's Turnips Patch-No Politics (ZEEV)

[connor26]

8:37AM QCOM target raised to $93 at Piper 72.27: Piper Jaffray believes Qualcomm remains a compelling investment for growth-oriented investors due to improving WCDMA datapoints, growing traction of EV-DO, and continued strong replacement sales in CDMA markets. Also, the firm believes the recent weakness in South Korean, Indian, and Chinese CDMA markets is temporary. The firm expects several recent handset introductions to stimulate CDMA replacement sales at both Verizon Wireless and Sprint PCS during 2H04. The firm believes the stock can trade at 30x FY06 estimate of $2.85, adjusting for $7 per share in cash. Therefore, the firm raises its target to $93.