NEW YORK (TheStreet) -- Qualcomm's (QCOM) - Get Report $47 billion deal to buy NXP Semiconductors (NXPI) won't be the last deal we see in the semiconductor space, as all mid-cap semiconductor companies are attractive takeover targets, CLSA Senior Analyst Chris Caso said on CNBC's "Power Lunch" on Thursday afternoon. This was the biggest chip deal in history. 

"There has been $200 billlion in deals in the chip space since the beginning of 2015. Who's next?" CNBC's Melissa Lee asked. 

"It's easier at this point to answer about who won't be taken out rather than about who will be taken out, because right now most investors look at it and say anybody, especially in the mid-cap semiconductor space, would be a candidate right now," Caso answered. 

Texas Instruments (TXN) stands out as a company that hasn't done a deal, he noted. For Qualcomm, the NXP deal was all about two things. 

First, it was about diversification, as it was too concentrated on smartphones previously, he said. NXP will give the company exposure to the automotive and Internet of Things sectors. Second, the deal will be accretive for Qualcomm.

"That's why we've seen so much M&A in the semi-conductor space so far and really across the market. Because cash is cheap right now and companies like Qualcomm have a lot of cash overseas that they can use for activities such as this," Caso explained. 

Qualcomm CEO Steve Mollenkopf appeared on CNBC earlier today and told David Faber that "[the deal] is going to be significantly accretive and it's going to be accretive right away." 

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Shares of Qualcomm and NXP were higher in mid-afternoon trading on Thursday. 

(Qualcomm is held in David Peltier's Dividend Stock Advisor portfolio. See all of his holdings with afree trial.)

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings team rates Qualcomm as a Buy with a ratings score of B. This is driven by multiple strengths, which the team believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks the team covers.

You can view the full analysis from the report here: QCOM

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