As previously reported, Wolfe Research downgraded Skyworks (SWKS) to Peer Perform from Outperform and removed the firm’s prior $110 price target. While cyclical improvement has occurred, Skyworks has lost content in iPhone and the company’s ability to recapture share would be predicated on Apple (AAPL) launching their internal modem, the analyst tells investors. That catalyst is “too far out and too uncertain,” the analyst added.
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