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Monday, 10/31/2005 3:59:31 PM

Monday, October 31, 2005 3:59:31 PM

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Qualcomm's Near-Term Trends Remain Strong
Maya Roney, 10.31.05, 2:57 PM ET

http://www.forbes.com/markets/2005/10/31/qualcomm-wireless-manufacturing-1031markts13.html?partner=y....

Piper Jaffray Senior Analyst T. Michael Walkley maintained an "outperform" rating and $51 price target on Qualcomm (nasdaq: QCOM - news - people ) after six companies filed complaints to the European Commission claiming Qualcomm's licensing of WCDMA patents was anti-competitive.

"While WCDMA licensing revenue is a key long-term growth driver for Qualcomm and this issue could pressure Qualcomm's multiple, we believe near-term trends remain strong and anticipate upbeat earnings call," said Walkley.


On Friday, Broadcom (nasdaq: BRCM - news - people ), Ericsson (nasdaq: ERICY - news - people ), NEC (nasdaq: NIPNY - news - people ), Nokia (nyse: NOK - news - people ), Panasonic Mobile Communications and Texas Instruments (nyse: TXN - news - people ) each filed complaints to the European Commission requesting an investigation into Qualcomm's WCDMA licensing practices.

Walkley said he was not surprised by this action given the improving fundamentals in the WCDMA market in Europe, positive growth outlook for 2006, and comments from industry contacts suggesting actions to attempt to reduce Qualcomm's WCDMA licensing agreements. The analyst believes the EC's investigation could take several years
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