Benchmark downgraded Qorvo (QRVO) to Hold from Buy with no price target after the company and Skyworks (SWKS) announced their intention to merge in a cash and stock transaction. Qorvo’s shares are currently trading very near its take-out price, the analyst noted. Although “encouraged” by the strength of the combined portfolios and the anticipated cost synergies, the firm is concerned with the deal receiving regulatory approval and with Skyworks’ standalone market share at Apple (AAPL), adds the analyst, who reiterates a Hold rating on Skyworks shares.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on QRVO:
- Midday Fly By: OpenAI signs new Microsoft deal, PayPal reports Q3 beat
- Video: PayPal jumps after buddying up with OpenAI
- Qorvo Announces Merger with Skyworks Solutions
- Skyworks, Qorvo to combine in cash, stock transaction to create $22B enterprise
- Qorvo reports preliminary Q2 EPS $2.22, consensus $2.04