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Source: Qorvo
Bank of America is betting on two little-known chip stocks that are positioned to win big from the rise of 5G.
The firm double upgraded shares of Qorvo and Skyworks Solutions to buy from underperform. Bank of America raised Qorvo’s price target to $130 per share from $80 per share and hiked Skyworks Solutions’ price target to $122 per share from $92 per share.
The firm estimates 1.4 billion 4G smartphones and several hundred million other devices will need to be upgraded when 5G materializes.
