Semiconductor company Qualcomm (NASDAQ:QCOM) has called off its planned acquisition of the Israeli technology company Autotalks. This can be attributed to extended delays in securing regulatory approvals. The decision came after both the UK’s Competition and Markets Authority and the European Commission initiated investigations into the merger, citing concerns from numerous countries about its potential impact.
The deal was announced last May to enhance Qualcomm’s offerings in vehicle-to-everything communication technologies, which are crucial for both human-driven and autonomous vehicles’ safety. Despite this setback, Qualcomm reaffirmed its dedication to the automotive sector.
Is Qualcomm a Buy, Hold, or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on Qualcomm stock based on 15 Buys, nine Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 40% rally in its share price over the past year, the average QCOM price target of $164.55 per share implies 3.26% downside risk.
