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Fly News Breaks for December 9, 2019
QRVO, SWKS
Dec 9, 2019 | 06:29 EDT
BofA/Merrill analyst Vivek Arya double-upgraded Skyworks (SWKS) and Qorvo (QRVO) to Buy from Underperform, also raising his price targets to $122 from $92 and $130 from $80 respectively. The analyst cites the unfolding opportunity of 5G technology, calling its adoption "one of the more compelling and investable themes in semis" that will drive an "exponential" growth in components required in the upgrade. Arya further sees the companies' radio frequency chips as a "critical enabling technology" to monetize spectrum and boost the handset battery life, adding that these stocks have also lagged the semiconductor index SOX since 2015.
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