This trader sees a 30% upside on Qualcomm Inc

A day after Qualcomm Inc (NASDAQ: QCOM) reported a blowout quarter that pushed the stock up over 15% on Thursday, Cerity Partners’ Jim Lebenthal says it’ll hit $200 within the next six months.

Lebenthal’s strongly bullish case for Qualcomm

Lebenthal blamed supply chain issues for a sharp decline in the share price from $151 in late July to $123 last month. Now that the supply constraints are alleviating, he said on CNBC’s “Halftime Report”, the stock is on its way to where it deserves to be.

Interestingly, Lebenthal says the stock could even hit the $200 target by the end of the year. As Qualcomm handily topped estimates in Q4, Morgan Stanley’s Joseph Moore also reiterated his “overweight” rating on the stock and raised the price target from $180 to $187.

Other reasons Lebenthal likes Qualcomm Inc

Qualcomm’s profit and sales printed at a record high in fiscal 2021. According to Lebenthal, there were “nothing but reasons to be breathless” in its earnings report last night. Commenting further on the chipmaker’s future prospects, he said:

Qualcomm’s guidance for the fiscal first quarter also came in significantly better than analysts’ estimates – an indication that the management was not worried about the future.