Jefferies downgraded Alphawave IP (AWEVF) to Hold from Buy with a price target of 183 GBp, up from 160 GBp. The firm notes it had upgraded Alphawave to a Buy on April 3, when Qualcomm (QCOM) first confirmed that it was considering making an offer. Qualcomm’s subsequent cash offer of 183 GBp per share has driven shares to 173 GBp currently, notes the analyst, who reduced the firm’s rating given the market has “largely priced in the cash/share offer.”
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