People crowd into the Qualcomm booth to view a series of new products during the annual Consumer Electronics Show on Jan. 4, 2017 in Las Vegas.

Tech giant Apple and Qualcomm have settled a legal dispute over royalties and patents, and it has Wall Street analysts buzzing over the chipmaker's prospects moving forward.

Analysts at Stifel, J.P. Morgan and Evercore ISI all upgraded Qualcomm on Tuesday's news. Mizuho Securities, meanwhile, hiked its price target on Qualcomm to $82 per share from $62, implying a 16.3% upside from Tuesday's close. Canaccord Genuity also raised its price target to $89 per share from $75 and reiterated its buy rating on the company.