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Monday, September 19, 2005 8:09:40 PM
David Ng, 09.19.05, 2:50 PM ET
http://www.forbes.com/markets/2005/09/19/qualcomm-wcdma-wireless-0919markets12.html?partner=yahootix
Piper Jaffray reiterated an "outperform" rating on Qualcomm (nasdaq: QCOM - news - people ) and raised the target price to $51 from $47, citing improving wireless trends.
"We believe CDMA handset trends are improving, leading us to increase our estimates," Piper said.
The research firm raised the fiscal 2006 earnings-per-share estimate on Qualcomm to $1.48 from $1.45. It also raised the revenue estimate for the period to $6.71 billion from $6.64 billion.
Piper believes WCDMA trends will improve in the second half of 2005, with solid results coming from Japan.
The research firm also emphasized the strength of the Indian wireless market, as well as the North American CDMA market, based on data from Verizon Wireless.
In the 3G market, Vodafone (nyse: VOD - news - people ) recently announced plans to introduce 15 new 3G mobile handsets for the holiday season. "We believe increased competition from Vodafone is key to improving 3G trends in Europe," Piper said.
Verizon Wireless is a joint venture between Vodafone and Verizon Communications (nyse: VZ - news - people ).
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