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BofA Raises Qualcomm Outlook

Banc of America raised its estimates and target on Qualcomm (QCOM).

Analyst Tim Long says wireless-phone maker Qualcomm once again guided up for second-quarter results to be higher than his above-Street 41 cents estimate. He says strength is in all products and geographies. He also notes management estimated that CDMA handsets will total 35 million to 37 million in March, vs. the higher-than-expected 37 million in December. Long says this will lead to higher royalties in the March quarter, and bodes well for June.

Long is taking a slightly more optimistic view on all regions. He notes early data points from Asia have been encouraging. He raised the $1.65 fiscal 2004 (Sep.) earnings per share estimate to $1.80, and upped the $1.80 fiscal 2005 estimate to $1.95. He also upped the $67 target to $72.

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