Cowen bumped its rating on shares of Qualcomm to "outperform" from "market perform" on Monday.

"Several potential catalysts could unlock significant value within the Qualcomm franchise," Cowen analyst Matthew Ramsay wrote in a note, adding that the risk vs. reward analysis of the chipmaker makes it a "compelling" buy.

Shares of Qualcomm rose 0.5 percent after the report, closing trading at $65.73 per share.

A settlement with "either Apple or Huawei" in ongoing litigation was among the catalysts Cowen identified, Ramsay wrote. Cowen says it believes "Qualcomm is in a favorable negotiating position" as it heads toward court dates with Apple before the International Trade Commission.

"Apple's influence over Qualcomm's business is now minimal," Ramsay said. "We believe the risk/reward heading into non-standard patent ITC case against Qualcomm is unfavorable for Apple."

The semiconductor company could also benefit from the "execution of a significant buyback" – Qualcomm announced $30 billion of share buybacks during its most recent earnings report – and "a potential infusion of new ideas into management," the analyst wrote.

"At current valuation levels, we believe the risk/reward set up is attractive as we believe investors are not currently valuing significant traction in any of these potential catalysts," Ramsay wrote.

Cowen raised its price target on Qualcomm stock to $80 per share from $64 per share.