In early Wednesday trading, shares of high-performance analog semiconductor company Skyworks Solutions (SWKS) rose 3.9%, while Qorvo (QRVO) gained 3.1%. Both companies received rating upgrades from Citi after Skyworks announced its $22 billion cash-and-stock deal to acquire Qorvo.

Citi noted that the merger is expected to bring economies of scale and business diversification, with projected cost synergies of $500 million. Regulatory approval remains a hurdle, but analysts remain optimistic about the deal's clearance.