) to hold from buy.
Analyst Tim Long says he thinks fiscal 2003 will be another low-growth year and that consensus estimates don't reflect this issue. Although guidance into September is aggressive, Long believess it is achievable. However, he thinks it will be difficult for the company to show upside in the next few quarters without a rebound in the end market.
Long is keeping his below-consensus estimate of $1.00 for fiscal 2003, and thinks the consensus will trend toward his estimate. Although he says Qualcomm has the best business model and he finds the long-term prospects encouraging, Long is looking for better visibility. He thinks growth is limited, too.
He cut the $45 target to $25, including 15% EBITDA growth, which he thinks is reasonable.