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CS First Boston Downgrades Qualcomm

CS First Boston downgraded Qualcomm (QCOM) shares to underperform from neutral.

Analyst Tim Long says while near-term fundamentals remain solid, he believes the current valuation reflects upcoming positive news. He notes QCOM's valuation is stretche -- trading at 35 times his fiscal year 2003 (September) EPS estimate and 9.2 times his sales forecast, both of which are above its peer group.

Long thinks QCOM will underperform the wireless group over the next 6-12 months. He says overall handset growth is expected to slow into 2003, and he expects 7% unit growth to $90 million. Based on higher units, he raised his $2.85 billion fiscal year 2002 sales estimate to $2.88 billion and his $3.06 billion 2003 sales to $3.20 billion. He increased EPS forecasts from $0.93 to $0.95 in fiscal year 2002, and from $1.00 to $1.05 for fiscal year 2003. He raised his $25 price target to $27.

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