Investors shouldn't quickly throw away Qualcomm (QCOM) after the stock plunges 12% on a lawsuit from Apple (AAPL). The biggest issue is the royalty payments for the cellular network patents owned by Qualcomm. The secondary issue are the modem chips that the company sells. The company makes a lot less on these chips and Apple has already shifted some business to Intel (INTC). Though Apple makes a compelling case of abuse along with similar suits from the KFTC and FTC, the profit reports from the tech giant suggests that the case isn't so clear cut. If anything, most companies claim that Apple unfairly uses a monopolistic size to reduce prices. As well, FTC commissioner Maureen Ohlhausen doesn't see any justification in the FTC lawsuit and thinks the move was motivated by the presidential switch. Several analyst firms including Stifel and Nomura see the stock worth at least $70 providing huge upside from the current $55 price. The NXP Semi (NXPI) deal provides huge EPS upside. If Faber at CNBC is right that the deal isn't at risk, Qualcomm has earnings power of $6 per share outside any adjustment from these suits. More research: Qualcomm: Pump The Brakes On Rosy Financial ProjectionsFor now, the stock appears an attractive buy at $55 after the normal couple of days of selloffs. The dividend yield spikes to 4% on this dip and the majority of the profit machine doesn't appear impacted by these lawsuits. Disclosure: Long QCOM, AAPL