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Friday, 01/27/2006 9:14:18 AM

Friday, January 27, 2006 9:14:18 AM

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Qualcomm "overweight," target price raised - update

Friday, January 27, 2006 3:05:20 AM ET
Prudential Financial

http://www.newratings.com/analyst_news/article_1190183.html

NEW YORK, January 27 (newratings.com) - Analyst Inder M Singh of Prudential Financial reiterates his "overweight" rating on Qualcomm Inc (QCOM.NAS). The target price has been raised from $55 to $57.

In a research note published yesterday, the analyst mentions that the company has reported its FQ1 proforma EPS in-line with the estimates and ahead of the consensus. Qualcomm said that it gained market share during the quarter, with its WCDMA chipset unit sales growing 48% q/q. Qualcomm's robust sales growth would drive the company's earnings momentum during F2H06, the analyst believes.
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