Raymond James analyst Chris Caso upgraded Apple from Market Perform to Outperform and set a $250 price target.
Caso also upgraded Skyworks from Market Perform to Outperform and set a $90 target.
Caso said concerns about problems with the Intel Corporation (NASDAQ: INTC) 5G modem derailing Apple’s 2020 iPhone launch are no longer relevant following Apple’s settlement with QUALCOMM, Inc. (NASDAQ: QCOM). Opting to use the Qualcomm 5G model ensured Apple won’t be late to the game, Caso said.
In addition, recent checks suggest Apple will also be offering 5G on lower-priced iPhone models instead of only its high-end “Max” version of the device.
Caso said Skyworks is the biggest semiconductor winner from the 5G iPhone.
Raymond James is forecasting 5% to 10% iPhone unit growth in 2020, with 5G phones representing about 40% of the mix.
Apple shares traded around $203.35 at time of publication, while Skyworks shares traded around $80.31.
Munster On Apple: 'Autonomy Is Going To Take Longer Than People Think'
JPMorgan Raises Apple Price Target
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|Jul 2019||Upgrades||Market Perform||Outperform|
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