Is Qualcomm Headed To $200 By The End Of The Year?

$Qualcomm (QCOM.US)$ is soaring after the company announced better-than-expected financial results.

What Happened: Qualcomm reported quarterly earnings of $2.55 per share, which beat the estimate of $2.26 per share. The company reported quarterly revenue of $9.34 billion, which beat the estimate of $8.86 billion.

Lebenthal's Take: "It just never deserved to be down at $120-$125 and it shouldn't be at $155," Cerity Partners' Jim Lebenthal said Thursday on CNBC."This stock is going to $200 and above and I think it will be there within six months," Lebenthal said. "It might get there before the end of the year." Earnings are expected to reach $10 per share this year and exceed $11 per share next year, he noted.
The operating leverage that Qualcomm is generating and the diversification of its business will be drivers for the stock, according to Lebenthal: "This deserves a 20 times multiple easily."