Following the modest rally, Qualcomm’s valuation looks relatively cheap. Its forward price-to-earnings (P/E) multiple is only in the mid-teens, about 14×, well below the mid-20s median for semiconductor peers. In fact, Bernstein notes QCOM trades at roughly a 40% to 50% discount to the broader market and semiconductor index. So it's clear that QCOM appears undervalued given its strong growth outlook; a potential rerating could be forthcoming if sales and margins continue to improve.Valued at around $180 bil ...