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Technology Stocks : Disruption Innovation

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From: Frank Sully11/15/2021 2:38:54 PM
   of 1029
 
Why This Investor Thinks Qualcomm Shares Are Headed 'Well Above $200'

by Adam Eckert

November 15, 2021



Qualcomm Inc

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 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."

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.

benzinga.com
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