Qualcomm Inc. is trading slightly higher Monday after the stock was added to JPMorgan’s Analyst Focus List.
What Happened
JPMorgan analyst Samik Chatterjee maintained Qualcomm with an Overweight rating and $225 price target. The analyst expects easing supply and benefits of diversification to lead to both earnings upside and a rerating of the stock.Lebenthal’s Take
“I think the stock should be $210 right now,” Cerity Partners’ Jim Lebenthal said Monday on CNBC’s “Fast Money Halftime Report.”Lebenthal thinks Qualcomm deserves a 20 times earnings multiple. The stock is currently trading at about 17 times price to forward earnings, according to data from Benzinga Pro.
