U.S. Markets open in 5 hrs 54 mins
  • S&P Futures

    4,381.50
    -93.25 (-2.08%)
     
  • Dow Futures

    34,105.00
    -511.00 (-1.48%)
     
  • Nasdaq Futures

    14,411.00
    -430.00 (-2.90%)
     
  • Russell 2000 Futures

    1,984.00
    -37.20 (-1.84%)
     
  • Crude Oil

    0 (0)
     
  • Gold

    1,836.10
    -6.50 (-0.35%)
     
  • Silver

    24.34
    -0.37 (-1.50%)
     
  • EUR/USD

    1.1348
    +0.0031 (+0.2724%)
     
  • 10-Yr Bond

    1.7470
    0.0000 (0.00%)
     
  • Vix

    28.85
    +3.26 (+12.74%)
     
  • GBP/USD

    1.3555
    -0.0045 (-0.3321%)
     
  • USD/JPY

    113.6500
    -0.4500 (-0.3944%)
     
  • BTC-USD

    35,141.82
    -448.57 (-1.26%)
     
  • CMC Crypto 200

    808.67
    +565.99 (+233.23%)
     
  • FTSE 100

    7,494.13
    -90.88 (-1.20%)
     
  • Nikkei 225

    27,522.26
    -250.64 (-0.90%)
     

Why This Investor Thinks Qualcomm Shares Are Headed 'Well Above $200'

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • QCOM

Qualcomm Inc (NASDAQ: QCOM) is up nearly 30% over the past month, but the stock isn't done trending higher, according to Cerity Partners' Jim Lebenthal.

"It's got further room to run ... I think it will go well above $200 a share," Lebenthal said Monday on CNBC's "Fast Money Halftime Report."

Lebenthal thinks Qualcomm deserves a price-to-earnings multiple around 20 based on its growth rate and earnings.

With next year's estimates exceeding $10 per share, "it's just a matter of time before it gets above $200. It might even do it this year," he said.

The bear case for Qualcomm is that Apple Inc (NASDAQ: AAPL) could end up making its own chips, but Lebenthal doesn't see such as a possibility. He described the intellectual property of Qualcomm as an "impregnable moat."

See Also: Where Qualcomm Stands With Analysts

"This should be a 20 times multiple stock no question about it," Lebenthal emphasized.

QCOM Price Action: Qualcomm is making new 52-week highs during Monday's trading session.

The stock was up 1.72% at $167.80 at time of publication.

Photo: courtesy of Qualcomm.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.