SWKS

CEO Phil Brace (Goldman Communacopia): $22B Qorvo merger in final stages; HSR/FTC waiting periods expired, financing locked, close targeted this calendar year. SWKS rose ~10% Sep 10 to $84.03 then closed Sep 11 at $88.35 (high $92.30) with QRVO co-moving. Two-day deal de-risking bid should digest higher over 3 sessions despite stale Hold/~$68 Street targets that lag the close premium. Invalidation: break of Sep 11 low $83.95 / Sep 10 close $84.03 on heavy volume, or adverse foreign regulatory news that reopens deal risk.