Qualcomm Inc (QCOM)

[khemara_qc]

Qualcomm "overweight," target price raised

Friday, November 19, 2004 0:40:44 AM ET
Prudential Financial

http://www.newratings.com/new2/beta/article_511903.html

NEW YORK, November 19 (newratings.com) - Analyst Inder M Singh of Prudential Financial reiterates his "overweight" rating on Qualcomm Inc (QCOM.NAS), while raising his estimates for the company. The target price has been raised from $44 to $48.

In a research note published yesterday, the analyst mentions that Qualcomm intends to focus on the CDMA and WCDMA segments, which are expected to drive the company’s wireless subscription growth over the next five years. Qualcomm is aiming to expand its WCDMA chip market share to 50% in the near term, according to Prudential Financial. The EPS estimate for FY05 has been raised from $1.24 to $1.30.