Qualcomm Inc (QCOM)

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08:48 QCOM Qualcomm: Prudential reiterates Overweight rating; raises tgt to $44 from $39 (39.00 )

Prudential reiterates Overweight rating on QUALCOMM (QCOM), raises tgt to $44 from $39. Firm states that recent channel checks and positive industry views from Nokia and TI have given firm renewed confidence in their outlook for the current quarter and remain comfortable with their above-consensus estimates of $1.45 bln in sales and $0.30 in EPS. Firm believes early consumer uptake on WCDMA devices has been positive as well. Firm believes Cingular may be close to announcing its WCDMA upgrade plans- serving to further broaden QCOM's addressable market in N. America and feels QCOM is uniquely positioned to benefit from the growth in demand for wireless devices and from the upgrade of existing networks to 3G standards over the coming years.