Citi upgraded Qorvo (QRVO) to Neutral from Sell with a price target of $105, up from $70, following the company’s merger with Skyworks (SWKS). The firm is positive on the deal, saying the industry needs to consolidate due to dependency on Apple (AAPL) and radio frequency competition. Citi views regulatory approvals as a “major concern” but sees a high probability of approval.
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