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CS First Boston Keeps 'Hold' on Qualcomm

CS First Boston maintains hold on Qualcomm (QCOM).

Analyst Tim Long says he believes Sulpizio is departing to seek the CEO role at another company, and says the departure will be a loss for Qualcomm operationally, as Sulpizio played a key role in achieving strong market share in Qualcomm's chipset business and in restoring profitability. Still, he sees limited impact to Qualcomm's business model from Tuesday's mangement changes and restructuring.

Long notes the chipset spinoff was initially designed to separate licensing from chipsets. He believes recent

deals with Nokia and other vendors makes the need for a spinoff unnecessary.

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