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Fly News Breaks for June 9, 2016
QRVO, SWKS
Jun 9, 2016 | 05:41 EDT
Citi analyst Atif Malik downgraded Skyworks Solutions (SWKS) to Sell from Neutral and lowered his price target for the shares to $65 from $69.50. Following a trip to Asia, Malik believes the shares should trade at a multiple of 11 times price-to-earnings ratio, below its three year average of 12.5 times, given a "lack of premium filters to address faster growing carrier aggregation market" and increasing dual sourcing led competition in the low band market. Malik this morning also upgraded Qorvo (QRVO) to Neutral.
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