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Pro Analysis

This Apple chip supplier will surge because of the next iPhone, JPMorgan says

A Qorvo ad displayed at a trade show.
Source: Qorvo
A Qorvo ad displayed at a trade show.

Investors should buy Qorvo shares because its earnings next year will come in above Wall Street's expectations, according to JPMorgan, which reiterated its overweight rating on the smartphone chipmaker.

"Qorvo remains on track to deliver double-digit revenue growth with a strong design win pipeline," analyst Bill Peterson wrote in a note to clients Thursday. "Looking to 2H17 and into 2018, Qorvo should especially benefit from the next-generation iPhone from both an increased in RF dollar content gains and from higher unit sales."

The company manufactures radio frequency semiconductors, which enable the ability for smartphones to communicate with wireless networks.