Citi Downgrades Skyworks To Neutral, Cuts Targets On Nvidia, Qorvo

Citi analyst Atif Malik downgraded Skyworks Solutions (SWKS) to Neutral from Buy and lowered his price target for the shares to $85 from $116.

The company is being impacted by broad smartphone weakness, disappointing unit sales of Apple's (AAPL) iPhone XR, and a high Apple concentration, which represented 39% of sales in fiscal 2019, Malik tells investors in a research note. Further, the analyst thinks 5G radio frequency is a 2020 story versus his prior view of 2019.

Malik also lowered his price target for Buy-rated Nvidia (NVDA) to $270 from $300 to reflect recent market multiple compression. In addition, the analyst dropped his price target for Neutral-rated Qorvo (QRVO) to $75 from $86. Weak iPhone XR units, where Qorvo won incremental mid-high band dollar content, will have a negative impact on the company's gross margins in 2019, says Mailk. 
 

Disclaimer: TheFly's news is intended for informational purposes only and does not claim to be actionable for investment decisions. Read more at  more

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.