Qualcomm Inc (QCOM) stock looks deeply undervalued here after its recent Q2 results which showed strong free cash flow margins. As a result, one attractive buy-in play is shorting out-of-the-money (OTM) QCOM put options. QCOM stock is at $181.75 in midday trading on Friday, May 10. This is higher than its price before the May 1 release of its fiscal Q2 results when it closed at $164.11 per share. But, based on my estimates of its value, QCOM stock could be worth over $233 per share, or over 28% more in the coming year. This article will delve into that. Moreover, I will show that shorting OTM …