BMO Capital Markets lowered its fiscal 2011 profit forecast for chip maker Qualcomm (NASDASQ:QCOM).

The brokerage trimmed its fiscal 2011 earnings estimate by 2 cents to $3.12 a share, but raised its fiscal 2012 earnings forecast by 4 cents to $3.69 a share. Wall Street expects the company to earn $3.13 a share for fiscal 2011 and $3.41 a share for fiscal 2012, according to analysts polled by Thomson Reuters.

The brokerage has revised the estimates to give effect of dilution/accretion with respect to company's $3 billion plus acquisition of Atheros Communications.

Qualcomm expects the deal to be modestly dilutive to pro forma fiscal 2011 and modestly accretive to pro forma fiscal 2012 earnings.

We believe this acquisition will improve Qualcomm's position in wireless and open up opportunities in computing/connectivity, analyst Tim Long wrote in a note to clients.

Qualcomm is not excluding purchase price amortization from its pro forma calculation, which is why accretion is a little less than we expected, the analyst added.

Long has an outperform rating and $69 price target on Qualcomm stock.

Shares of California-based Qualcomm closed Tuesday's regular trading session at $56.31 on Nasdaq.