Why This Investor Thinks Qualcomm Shares Are Headed 'Well Above $200'

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 AAPL 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."

See Also: Where Qualcomm Stands With Analysts

"This should be a 20 times multiple stock no question about it," Lebenthal emphasized.

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.

Photo: courtesy of Qualcomm.