As previously reported, Morgan Stanley upgraded Qorvo (QRVO) to Overweight from Equal Weight with a price target of $134, up from $120, in conjunction with moving the firm’s industry view on Semiconductors from In-Line to Attractive. The firm says its fundamental view is turning more positive on the device side as the inventory correction runs its course and it is shifting its smartphone exposure “from defense to offense,” by downgrading Qualcomm (QCOM) to Equal Weight and upgrading Qorvo.
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