Canaccord’s top analyst Michael Walkley is out with a research note on semiconductor giant Qualcomm, Inc. (NASDAQ:QCOM), after meeting with institutional investors as part of a quarterly marketing trip and hosting a bull/bear lunch meeting debate. Here are his impressions from the meeting:

Following this debate and our marketing meetings, we maintain our belief Qualcomm’s current share price is assuming some worst case scenario outcomes […] that assumes the NXP acquisition does not close and Apple no longer pays royalties to Qualcomm. Therefore, we believe Qualcomm is an attractive investment opportunity for longer-term investors during this time of uncertainty. We believe the NXP merger remains on track and will create a company with significant earnings power and cash flow, developing into a clear industry leader in the mobile, IoT, and automotive semiconductor markets backed by an extremely strong combined Qualcomm, NXP (Philips) and Freescale (Motorola) IP portfolio. We maintain our BUY rating and $70 price target based on our scenario analysis.

As such, Walkley reiterates a Buy rating on shares of Qualcomm with a $70 price target, which represents a potential upside of 24% from where the stock is currently trading.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, 5-star analyst Michael Walkley has a yearly average return of 23.1% and a 67% success rate. Walkley has a 0.5% average return when recommending QCOM, and is ranked #21 out of 4592 analysts.

Out of the 16 analysts polled by TipRanks (in the past 3 months), 7 rate Qualcomm stock a Buy, while 7 rate the stock a Buy. With a return potential of nearly 12%, the stock’s consensus target price stands at $63.25.