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Deutsche Bank Upgrades Qualcomm to 'Buy'

Deutsche Bank upgraded Qualcomm (QCOM) to buy from hold, and upgraded Powerwave Technologies (PWAV) to hold from sell.

Analyst Brian Modoff says the wireless telecom sector is turning the corner. He increased his 2004 WCDMA handset forecast for Japan, although this increase more than offset by reduction in Europe. He raised the 2005 forecast, driven once again by Japan and the introduction of low-cost WCDMA handsets in Europe.

Also, Modoff thinks infrastructure spending in 2004-05 will be higher than originally forecasted. Concurrent with the upward revised WCDMA handset forecast, he upgraded Qualcomm and set a $70 12-month price target. Based on his new infrastructure forecast, he upgraded Powerwave, and has a $9 12-month target.

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