|Why This Investor Thinks Qualcomm Shares Are Headed 'Well Above $200'|
by Adam Eckert
November 15, 2021
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.