** Shares of British semiconductor company Alphawave IP Group AWE.L down 1.7% at 135.3p
** Jefferies upgrades AWE to "Buy" from "Hold", citing a potential bid from Qualcomm QCOM.O as a key driver for the upgrade
** Brokerage raises PT to 160p from 108p, representing a nearly 17% upside to the stock's last close
** U.S. chipmaker Qualcomm said on Tuesday it is considering making an offer to acquire Alphawave, which designs and licenses semiconductor technology for data centers, networking, and storage
** Jefferies says, "We believe such a bid is likely, as the acquisition would provide Qualcomm with an entry into the data center segment through both Networking chips and custom ASIC solutions"
** Stock rated "Buy" on avg; median PT is 162.5p, per data compiled by LSEG
** Stock up ~63% so far this year
(Reporting by Kanchana Chakravarty in Bengaluru)
((Kanchana.Chakravarty@thomsonreuters.com))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.