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Nokia to license Qualcomm’s technology for emerging high-speed mobile networks |
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The end of a long dispute between Finland's Nokia and Qualcomm Inc. of USA sets Qualcomm up as a key supplier of advanced wireless technology. Nokia plans to license Qualcomm patents for emerging high-speed mobile phone technologies, such as Long-Term-Evolution (LTE) or 4g technology, which many of the world's biggest wireless operators plan to use around 2010.
These analysts say investors have yet to fully appreciate the long-term benefits of the deal, which might even lead to a chip supply deal between the two companies, even though financial terms were not disclosed and Qualcomm has already seen its shares rise 20 percent in the last two days.
Even after Qualcomm's latest full-year financial forecast fell below Wall Street expectations, analysts raised their price targets on the stock this week, citing less legal risk, a possible chip deal and prospects from future technologies.
Deutsche Bank analyst Brian Modoff sees as crucial Nokia's plan to license Qualcomm patents for emerging high-speed mobile phone technologies, such as Long-Term-Evolution, which many of the world's biggest operators plan to use around 2010.
"This means that the world's largest handset vendor now sees Qualcomm's patents as essential to (next generation) standards," said Modoff, who raised his Qualcomm price target to $70 after the agreement. Qualcomm closed at $44.82 Wednesday before the deal and was closed at $54.45 on Friday.
Qualcomm and Nokia said on Wednesday they had entered into a 15-year technology license agreement as part of a settlement ending a bitter three-year legal battle over wireless patents. The concession by Nokia, which sells about 40 percent of mobile phones and a leading patent holder itself, that it needs Qualcomm for LTE, may mean other phone makers will have to follow.
"Qualcomm is a clean play on market growth regardless of who's winning in handsets" now that it has a deal with Nokia, American Technology Research analyst Mark McKechnie said. Growth prospects for the wireless market could be dampened by high worldwide penetration and a tough economy that could hurt demand for more advanced phones with high-speed Web links and computer-like features.
Citi analyst Glen Young said he was concerned about "choppiness" in phone demand, but still raised his Qualcomm price target to $70 from $61.
"We believe in the upward bias, however, given the potential for greater benefit from the Nokia licensing relationship," he said in a note to clients. Many analysts also expect Qualcomm to supply chips to Nokia now that they have made peace. "For years Nokia has adopted not 'Anyone but Qualcomm' approach to choosing vendors," Modoff said in a research note. He added that they have "definitely buried the hatchet."
He said it is highly likely Nokia will buy Qualcomm chips for phones using high-speed mobile technology W-CDMA on top of current supplier Texas Instruments Inc. A supply deal for Qualcomm could boost its valuation even further, he said.
Goldman Sachs raised its Qualcomm price target to $64 and spoke of a "high likelihood" for a chip deal. AMR's McKechnie estimated that a deal could swell Qualcomm's profit from each Nokia phone to about $10 from only about $4 from royalties.
But while Qualcomm said it would like to sell chips to Nokia, on an investor conference call on Thursday, it did not confirm a deal, leading to skepticism among some analysts.
"The idea Nokia's going to take their lowest cost, best- performing, best-selling W-CDMA solution -- which they designed and had TI make -- and buy a more expensive Qualcomm product is just dumb," said Charter Equity Research analyst Ed Snyder.
Qualcomm shares are trading at about 19 times its expected profit for its fiscal year ending in September 2009. TI trades at about 12 times estimates for its earnings for calendar year 2009 and Nokia's U.S. shares have a multiple of 16.
Qualcomm shares tend to command a large premium to chip hardware rivals such as TI because it sells highly profitable technology licenses, as well as lower margin chips, a combination that has some investors convinced it will continue to dominate wireless in the future.
TI derives about a third of its revenue from wireless, but some view it and Nokia as better bets at their current prices.
Cody Acree of Stifel Nicolaus questioned whether the Nokia agreement is as beneficial to Qualcomm as it appears and doubted the two would reach a chip supply deal.
"It would take a major model shift in Nokia to start buying from Qualcomm. It's possible, but we don't think it's probable," he said.
Acree also raised the possibility that Qualcomm might face lawsuits from other clients jealous of Nokia's lowered royalty rates.
By Marco Sangria (Source: www.wirelesspedia.com)
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| 26/07/2008 |
3g UMTS Broadband Mobile Wireless Networks News |
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Wireless social networking integrated on mobile phones
With social media now one of the big mobile drivers, Hutchison has set out to attract mobile socialites by integrating social media features right into the wireless handset. The handset, which is available exclusively in the UK from mobile operator 3, integrates Facebook, Skype, Windows Live Messenger and Last.fm.
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Canadian media company Quebecor to spend $1 billion on HSDPA wireless networks
Quebecor Inc. says its Quebec-wide cellular service will be ready in 12 to 18 months, and will offer "the best service at the best price" to customers. The company, which owns cable provider Videotron, said it will spend up to $1 billion over four years to build the wireless network.
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Free Wireless Broadband Services in US, will other countries follow?
Test results released by the Federal Communications Commission suggest the proposed free wireless broadband in the 2155 to 2175MHz band would not interfere with T-Mobile's adjacent 3G WCDMA mobile networks. The study clears the way for the FCC to set rules for a spectrum auction requiring the winning bidder to provide a free wireless broadband services to 50 percent of the United States in four years and 95 percent of the country within 10 years.
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HSDPA Network roll out in Canada by two CDMA operators using NSN equipment
Bell Canada and Telus Corporation upgrading to a next-generation wireless HSDPA network. Telco companies will compete with broadband wireless internet services offered by Rogers Communications. Nokia Siemens Networks, one of the largest telecommunication-equipment makers in the world, is said to be the vendor that will provide Bell and Telus with the HSPA network upgrade.
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Google Introduces an iPhone Rival on the T-Mobile wireless network
Google and T-Mobile unveiled their answer to the iPhone on Tuesday, pulling the wraps off a slick mobile device that combines a touch screen and a keyboard and is aimed at putting the Internet in the pockets of millions of cell phone users.
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