Needham transferred coverage of Skyworks to analyst Quinn Bolton, who rates the stock at Hold with no price target. While the company reported Q3 results at or above the midpoint of guidance, its operating results will underperform those of its closest peer, Qorvo (QRVO), over the next several quarters, the analyst tells investors in a research note. Skyworks’ content is at best flat, and likely down modestly, generation to generation in the iPhone 15, Needham adds, stating that the slow recovery in gross margins and a reset in OPEX in FY24 will result in only modest earnings growth in FY24.
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