KeyBanc sees September event as a modest negative for Apple, positive for Cirrus

Commenting on Apple’s (AAPL) launch event, KeyBanc says it sees the September event as a modest negative for Apple given a lack of positive surprises and slightly less aggressive promotions from Carriers. On the flip side, the firm sees positive implications for Cirrus Logic (CRUS) given the iPhone 16 Pro upgrade to the tetraprism design in addition to the Pro Max; Camera Control, which features a haptics driver; and both the Pro/Max and 16/Plus have upgraded to new Ultra Wide cameras, which likely utilize latest generation camera controllers. Further, KeyBanc sees positive implications for Broadcom (AVGO) given the Wi-Fi 7 upgrade across all four SKUs; moderately positive implications for Analog Devices (ADI), as the Camera Control features a force sensor; slightly positive implications for Qualcomm (QCOM) given increased RF content in the iPhone 16; and negative implications for Skyworks (SWKS) as the increased RF FE Wi-Fi 7 content is going to be offset by the loss of RF content to Qualcomm. While Qorvo (QRVO) is expected to increase content, the firm sees neutral implications from the launch event as there were no discernible areas disclosed that would drive increased content.