Broadcom (AVGO) - Get Report could soar to $350 a share from its current $270 or so if the tech giant can buy Qualcomm (QCOM) - Get Report for less than $80 a share, Jim Cramer says.

"I believe in the Wall Street research that talks about [Broadcom] going to $350 if they get Qualcomm anywhere within $80," Cramer said in his latest VIP call with members of his Action Alerts PLUS club for investors.

Broadcom last week officially launched an unsolicited $130 billion bid for Qualcomm, offering $70 a share plus $25 billion in debt assumption. Qualcomm -- which had been trading at around $55 a share before media reports of the impending offer broke -- rejected the bid, but many analysts say the takeover could succeed if AVGO boosts the price. Qualcomm was trading Thursday at around $66 a share.

Cramer, whose charitable trust owns AVGO stock, told Action Alerts PLUS members that "if Broadcom ultimately gets Qualcomm anywhere below $80, [that] will be fabulous for Broadcom. ... Do they have to pay $80? Maybe they have to pay a little bit less."

The stockpicker added that he deliberately decided not the sell his trust's Broadcom stake even though the stock "shot up huge" on word of the QCOM offer.

"We didn't buy [Broadcom] for a quick pop, we bought it because CEO Hock Tan -- whom I very much admire -- has done such an amazing job at building this company," Cramer said. "Even after its run, the stock trades at a substantial discount from the rest of the group. And it's got a huge amount of intellectual property in the [Apple iPhone X], which we know is selling so well."

To find out what stock Cramer recently added to his trust, click here for more information. Subscribers can hear all of his monthly conference calls, get alerts before he makes any trade for his trust and enjoy other exclusive information.

What does Broadcom actually do? 

More of What's Trending on TheStreet: