للمتابعه !!! Dell (DELL): Upgrades to 5 STARS (strong buy) from 3 STARS (hold Analyst: Megan Graham-Hackett We believe that the opportunity for Dell to increase its PC market share next year has improved with the potential sale of International Business Machines' (IBM) PC unit. In addition, we believe structural improvements have been made in Dell's operating leverage, enabled by volume levels achieved in both servers and printers. To reflect these assumptions, we are increasing our fiscal 2006 (ending January) earnings per share estimate by 6 cents to $1.56. We are raising our discounted cash flow-derived target price to $49 from $38, based on our higher net income growth forecast. Qualcomm (QCOM): Reiterates 5 STARS (strong buy) Analyst: Kenneth Leon, CPA We are raising our 12-month target price to $53 from $50, based on our revised discounted-cash-flow model and our confidence that the company can maintain its unique pricing power within the telecom equipment industry. Applying a p-e multiple of 35.3 times to our fiscal 2006 (ending September) earnings per share estimate, a premium to peers that we think is warranted by above-average growth potential, we arrive at our target price of $53. In the next 12 years, we estimate that Qualcomm can realize 21% annualized cash flow growth. In our view, risks to our opinion and target price are dependent on CDMA global handset demand.