Tech companies have been working hard to provide 5G related services to their customers. This is because the tech companies are seeking to capitalize on increasing demand for faster internet and connected devices.
5G-related stocks to watch
Apple (NASDAQ: AAPL) is among those tech companies that have been working hard to introduce 5G supported products. Although the fall launch of 5G supported products delayed due to pandemic, the world’s largest tech company plans to introduce 5G iPhones during the final quarter of this year. Apple stock price is likely to shine in the analyst’s view once it launches 5G supported phones and devices.
Qualcomm (NASDAQ: QCOM) stock price soared sharply in the past couple of months as Apple is using Qualcomm 5G chips in its new phones. Qualcomm is hot 5G stock to watch in July because it has significant exposure to Chinese markets. Meanwhile, China is likely to account for the strongest 5G phone sales this year. The reports show that 5G phones will account for half of the new smartphones.
Broadcom (NASDAQ: AVGO) has also been gaining analyst’s traction due to its 5G related chips. Credit Suisse has provided a price target of $400, citing growth for its businesses due to secular developments like 5G growth/deployment and hyperscale/data-center growth. Nokia has also announced its partnership with Broadcom for the development of chips for its 5G equipment.
Analysts have upgraded Skyworks (NASDAQ: SKWS) stock due to strong 5G opportunities ahead. KeyBanc analyst Weston Twigg said, “the forced shift of Huawei to merchant silicon for 5G, especially at Mediatek, will create that growth opportunity for Skyworks.”
Intel (NASDAQ: INTC) is also a key 5G stock to watch because its technologies embedded throughout 5G networks has the potential to deliver compute-intensive workloads and data-centric applications to any device.