Apple Suppliers Qorvo and Skyworks Twice Raised on 5G Growth
- BofA sees ‘exponential growth in components’ in upgrade cycle
- Qorvo shares have gained 80% in 2019 and are at record levels
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Qorvo Inc. and Skyworks Solutions Inc. were both upgraded by two notches at BofA, to buy from underperform, with the firm seeing massive growth potential due to 5G technology.
Because of “the exponential growth in components required to upgrade” about 1.4 billion smartphones, as well as “several hundred million” devices on the “internet of things,” BofA views 5G as “one of the more compelling and investable themes in semis.”