Incredibly, there is a well-known technology stock that is close to a 52-week high, is enjoying rising earnings estimates, and is still generally loved by the analyst community. Can you guess which one it is? Congratulations if you said Qualcomm (QCOM).

For those that don’t know, the company is a digital wireless telecommunications firm that sells products based on its CDMA (Code Division Multiple Access) technology. It operates in four areas: Qualcomm CDMA Technologies (QCT), Qualcomm Technology Licensing (QTL), Qualcomm Wireless and Internet (QWI), and Qualcomm Strategic Initiatives (QSI).

Just last week, the stock was added to Goldman Sachs’ Conviction Buy List, which carries a lot of weight on Wall Street. Normally, we aren’t terribly worried what a particular analyst says, but Goldman has proven time and again that it knows what it’s talking about. Goldman claims that Qualcomm will rake in royalty fees from smartphone makers like Apple and Sony.

Current-year earnings estimates have slowly trended higher. Over the past 60 days, estimates have increased six cents to $1.91 per share. That is respectable given that analysts have been busy taking their axes to most company’s estimates.

Management shown its deftness time and and again and produce wonderful efficiency numbers. ROE is a solid 22.7%, and the company enjoys a Microsoft-like 35.8% profit margin. This is the benefit to the royalty-income business model. The stock isn’t ridiculously cheap at about 5x book value and 21.7x next year’s estimates, but we feel it is worthy of a little premium valuation. We see this stock at $55 over the next 6-12 months.