Shares of Qualcomm (QCOM - Get Report) have been doing well, mostly thanks to the buyout bid by Broadcom (AVGO - Get Report) .

The massive potential deal looms at what would be a tech-M&A record $103 billion. There has been some chatter that if Broadcom does not buy Qualcomm, it will go searching for others, one potentially being Skyworks Solutions (SWKS - Get Report) .

In any regard, Qualcomm has been an oft-talked about stock over the last few weeks -- even before Broadcom came knocking. There are concerns that Apple (AAPL - Get Report) could opt for Intel (INTC - Get Report) over Qualcomm in the future, but would a takeover by Broadcom -- an Apple supplier -- calm those concerns?

In any regard, Qualcomm stock has rocketed more than 19% over the past four trading sessions following rumblings of the deal. It's up another 2% on Wednesday after a few analysts jumped on board.

RBC Capital analyst Amit Daryanani upgraded Qualcomm to outperform and boosted his price target to $70. Previously, Daryanani maintained a sector perform rating and $55 price target. The valuation is attractive, even if Broadcom buys it. If it does buy Qualcomm, though, $70 per share is the unlikely buyout level, as it will likely move upward to the high-$70s or possibly even the low-$80s.

Without Broadcom, Qualcomm can still do well if it resolves its issues with Apple, completes its NXP Semiconductor (NXPI - Get Report) deal and cuts spending, Daryanani says.

Raymond James' Chris Caso also upgraded Qualcomm to outperform from market perform, assigning a $75 price target. Despite the multiple scenarios that exist with Qualcomm in the present, the stock has an attractive risk/reward set up. "Sizable accretion" from the Broadcom deal exists for all parties, he added.

AVGO, AAPL and NXPI are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AVGO, AAPL and NXPI? Learn more now.

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At the time of publication, Cramer's Action Alerts PLUS had no positions in AAPL, AVGO and NXPI.