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A.G. Edwards Ups Qualcomm Target to $89

A.G. Edwards raised its price target on digital wireless company Qualcomm (QCOM) to $89 as first quarter earnings per shares beat his and analysts' consensus estimates.

Analyst David Heger said despite the negative impact from GSTRF, solid results coupled with recent decisions in patent disputes reinforces a case to buy the stock. He believes that the company's CDMA patent portfolio and leading chipset solutions put it in a unique position to benefit from deployment of 3G networks.

Heger trimmed fiscal year 2001 earnings per share estimates by to $1.28, from $1.29. With the specter of GSTRF eliminated from future EPS, he sees a strong outlook for chipset shipments and a growing royalty stream.

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