This 5G Stock Is Already Up 12.5% in a Month – Here’s Why It Could Double from Here

Since I recommended Qualcomm, Inc. (NASDAQ: QCOM) back in May, the stock is up 12.5% – from $80 to $90 per share.

Since I recommended Qualcomm, Inc. (NASDAQ: QCOM) to Junkie members back in May, the stock is up 12.5% – from $80 to $90 per share.

EDITOR'S NOTE: Non-members: sign up here for that report. Members, click here.

Today, the company sits at a $100 billion market cap. And it’s just getting started…

Shares could conservatively double within the next 24 months because it’s in the best position to grab significant share of multiple 5G markets.

In case you’re unfamiliar, Qualcomm has been one of the top companies to profit off the smartphone boom since the early 2000s. The company built some of the first 3G and 4G mobile networks and smartphone chips.

And now it’s one of the leading companies building 5G networks and 5G phone chips. Here’s why that could lead to a doubling of the stock by 2022…

5G Will Be Insanely Profitable for Qualcomm

The smartphone industry has matured greatly since the early 2000s when Qualcomm was building 3G networks and semiconductors.

But phone sales have slowed considerably in recent years without the next huge innovation in the space…

Consumers have been holding on to their 4G smartphones longer because there’s not as much of a reason to upgrade (other than getting a higher quality camera).

Once the 5G network is available nearly everywhere in the next 12 months, I expect QCOM’s annual net income to jump from $4.4 billion to $7-$9 billion by fiscal 2021. That’s because Qualcomm 5G chips will be in just about every Android smartphone.

Assuming the company maintains a reasonable P/E ratio of 25, that means the stock should trade between $175 and $225 per share.

Therefore, my price target for QCOM by 2022 is $200 per share – which would represent a 122% price appreciation from its current $90 valuation.

What to Do with Your Qualcomm Stock

If you bought QCOM when I recommended it back in May, hold on to your shares.

Once you’re up 100%, feel free to take half of your profits off the table.

Add to your position on any significant pullback of 10% or more.

Remember, Qualcomm is one of the driving forces pushing the 5G industry forward.

Without this company, 5G may never get off the ground and reach its full potential.