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Monday, September 19, 2005 10:09:53 AM
Maya Roney, 09.19.05, 10:00 AM ET
http://www.forbes.com/markets/2005/09/19/qualcomm-vodafone-3g-0919markets02.html?partner=yahootix
Credit Suisse First Boston maintained an "outperform" rating and $50 price target on Qualcomm (nasdaq: QCOM - news - people ) following Vodafone (nyse: VOD - news - people )'s launch of an extensive range of 3G wireless handsets.
Vodafone announced 10 new 3G handsets with improvements in size, talk-time and weight. New models include the Motorola (nyse: MOT - news - people ) E770V, Motorola RAZR V3, Nokia (nyse: NOK - news - people ) 6280 and the Samsung ZV10.
CSFB says Vodafone's strategy supports its expectation for 3G adoption in Europe to ramp by year-end, making now an "attractive entry point" for buyers of Qualcomm. With Qualcomm trading at 28 times the calendar 2006 earnings-per-share estimate, the valuation "is compelling, particularly relative to its historical trading range."
The firm recently increased its calendar 2006 and 2007 WCDMA (wideband code division multiple access) handset unit estimates for Qualcomm to 97 million and 164 million units, respectively, up from 96 million and 161 million units.
"We expect WCDMA adoption to accelerate in 2006 and continue to expect Qualcomm to achieve revenue and earnings-per-share growth substantially in excess of the global handset market," said CSFB.
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