Mala Gaonkar Pegs Qualcomm To Ride The Smartphone Wave

Ira Sohn London: Mala Gaonkar, Managing Director of Lone Pine Capital LLC Trade Idea: QUALCOMM, Inc. (NASDAQ:QCOM) Price Target: Valuation: Themes: Mala Gaonkar on Qualcomm 2/3 of earnings are 3G 4G wireless data voice. 1/3 earnings are chips. Smart phone market doubling in the near term. High end market has a high replacement cycle. Long contract terms and structures. Both standardized and bespoke manufacturer. 2 years on average smartphone replacement. Plenty of growth for mobile internet penetration. Investment in 4G networks leading more demand for company chips and data services. Blended average royalty rates have been stable during the past…