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.”
Shares of Qorvo jumped as much as 4.4% on Monday, with the stock hitting record levels. Skyworks gained as much as 4% and hit its highest since March 2018. Both have been strong performers in 2019. Qorvo shares have jumped about 80% thus far this year while Skyworks is up more than 55%.
Both stocks are major suppliers to Apple Inc.
MacDailyNews Take: The “iPhone 5G” super cycle looms. Vroom, vroom!