ABN AMRO upgraded Qualcomm (QCOM) to buy from hold.
Analyst Keith Bachman says he upgraded for three cumulative reasons: the firming handset market, the potential huge opportunities in India, and the continued opportunities in China with potential in other neighboring areas such as Hong Kong and Taiwan.
Bachman thinks the mobile handset market for Q4 will have flat to modest growth, but he thinks the wireless market will generate positive growth rates for the following four to five quarters. He raised his $1.02 fiscal 2001 (Sept.) operating EPS estimate to $1.04, and raised the $1.22 fiscal 2002 estimate to $1.32.
Bachman set a $80 target.