Qualcomm Inc (QCOM)

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Standard & Poor's Equity Research reiterated a "buy" rating on Qualcomm (nasdaq: QCOM - news - people ) and raised the target price to $51 from $49.

Qualcomm Outlook Rides High On CDMA Sales
David Ng, 09.21.05, 2:24 PM ET

http://www.forbes.com/markets/emergingmarkets/2005/09/21/qualcomm-wireless-units-0921markets12.html

The research firm cited strong demand for CDMA phones and improved profitability at the wireless technology company.

Qualcomm recently raised its fiscal fourth-quarter guidance for earnings per share, sales and unit volumes. Qualcomm now anticipates pro-forma diluted earnings per share to be approximately 32 cents to 33 cents, versus previous guidance in a range of 29 cents to 31 cents.

Revenue for the quarter is now forecasted to be between $1.48 billion to $1.58 billion, versus the previous guidance of $1.43 billion to $1.53 billion

The company estimates 40 million CDMA unit shipments in the current quarter, versus S&P Equity Research's 38 million target.

The research firm raised the fiscal 2005 earnings-per-share estimate on Qualcomm to $1.17 from $1.15.