NEW YORK ( TheStreet) -- Shares of Qualcomm ( QCOM), CBS ( CBS), Las Vegas Sands ( LVS), VeriSign ( VRSN) and El Paso ( EP) hit 52-week highs on Monday.
Qualcomm "Over the weekend, Apple announced that its 'New iPad' was sold out on pre-orders over the first weekend," Sterne Agee analysts wrote in a March 12 report. "We believe the ~2M on pre-orders and the 6-8M new iPad builds for the March Quarter should be a tailwind for QCOM. It should also be positive for AVGO. Also note that ZTE has been ramping multiple new phone models in the U.S. and Europe in the MarchQ with QCOM, such as the ZTE Skate and the ZTE Fury among others. We believe all points to increasing QCOM traction." Shares of Qualcomm hit a 52-week high on Monday of $66.82. The stock's 52-week low of $45.98 was set on Aug. 22. Qualcomm has an estimated price-to-earnings ratio for next year of 16 times; the average for semiconductor companies is 14.44. For comparison, Intel ( INTC) and Broadcom ( BRCM) have lower forward P/Es of 10.36 and 12.58, respectively. Thirty-seven of the 43 analysts who cover Qualcomm rated it buy. Six analysts gave the stock a hold rating and one rated it sell. TheStreet Ratings gives Qualcomm an A+ grade with a buy rating and a $75.54 price target. The stock has risen 22.12% year to date.