Qualcomm Inc (QCOM): Upgraded @Piper with $51 Target Courtes...

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khemara_qc

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Monday, 09/19/2005 9:30:35 AM

Monday, September 19, 2005 9:30:35 AM

Upgraded @Piper with $51 Target
Courtesy of herf2aces from Yahoo Qcom Board:

http://finance.messages.yahoo.com/bbs?.mm=FN&action=m&board=4686818&tid=qcom&sid=468...

by: herf2aces (M/Lincoln, Ca. (Sacramento, Ca) 09/19/05 08:53 am
Msg: 573747 of 573749

08:39 QCOM Qualcomm: Improving Trends; Raising Price Target - Piper (43.32 )

Based on its global channel checks, Piper believes CDMA handset trends are improving, leading the firm to increase its estimates. The firm believes QUALCOMM deserves to trade at 30x its FY07 (was 30x FY06 plus $3.40 in cash), which leads to its $51 price target. The firm believes investors will increasingly focus on FY07 estimates, leading the firm to adjust its valuation multiple. Piper believes this multiple is reasonable given improving visibility regarding 3G CDMA subscriber growth and QUALCOMM's strong patent portfolio and high-margin QTL business. With more than 1.4B GSM subscribers on a migration path to CDMA-based technologies over the next decade, the firm believes QUALCOMM should post strong long-term earnings growth relative to our coverage universe.