** 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))
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