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Mizuho Sees Qualcomm, Qorvo, Skyworks Well Positioned For Global 5G Ramps Amid Odds - Read Full Take

Mizuho Sees Qualcomm, Qorvo, Skyworks Well Positioned For Global 5G Ramps Amid Odds - Read Full Take

瑞穗认为高通、Qorvo和Skyworks在全球5G坡道上处于有利地位-阅读全文
Benzinga Real-time News ·  2022/06/21 14:34
  • Mizuho analyst Vijay Rakesh reiterated Buy on Qualcomm Inc (NASDAQ:QCOM), Qorvo, Inc (NASDAQ:QRVO), and Skyworks Solutions, Inc (NASDAQ:SWKS).
  • However, he slashed the price targets of Qualcomm from $185 to $168 (34% upside), Qorvo from $128 to $110 (12% upside), and Skyworks from $170 to $150 (62% upside).
  • His checks into the handset supply chain indicated downside risk to JunQ and 2H22 consensus expectations, with slower China reopening, weaker consumer demand, and inventory build as headwinds for handsets.
  • He believed QCOM is well-positioned in the smartphone market as a technology leader with a long-term focus on 5G and expanding into new markets in RF and Auto.
  • He saw QRVO positioned well for the upcoming 5G ramps around the globe, with smartphones driven by upcoming iPhones and China OEM 5G handset launches and a significant 50-60% dollar RF content increase per handset vs. 4G.
  • He believed QRVO could see headwinds from a softer China handset market, supply chain challenges, and increasing competition. 
  • He saw SWKS positioned well for the upcoming 5G ramps around the globe driven by strong iPhone, Korean OEM share gains and China OEM traction, and a significant 50-100% dollar RF content increase per handset vs. 4G. 
  • SWKS also has opportunities in its broad markets business with growth in IoT/auto/industrials, improving SWKS's gross margins towards its target. 
  • Price Action: QCOM shares traded higher by 3.67% at $125.44 on the last check Tuesday.
  • 瑞穗分析师Vijay Rakesh重申买入高通(纳斯达克：QCOM)，Qorvo公司(纳斯达克：QRVO)，以及Skyworks Solutions，Inc.(纳斯达克：SWKS)
  • 然而，他将高通的目标价从185美元下调至168美元(上涨34%)，将Qorvo的目标价从128美元下调至110美元(上涨12%)，将Skyworks的目标价从170美元下调至150美元(上涨62%)。
  • 他对手机供应链的调查显示，第二季度和第二季度的普遍预期面临下行风险，中国市场重新开放速度放缓，消费者需求疲软，以及库存增加成为手机的逆风。
  • 他认为，高通在智能手机市场处于有利地位，是一家长期专注于5G并向射频和汽车新市场扩张的技术领先者。
  • 他看到QRVO为即将到来的全球5G发展做好了准备，即将推出的iPhone和中国OEM 5G手机驱动的智能手机，每部手机的射频内容与4G相比大幅增加了50%-60%。
  • 他认为，QRVO可能会看到来自中国手机市场疲软、供应链挑战和日益激烈的竞争的不利因素。
  • 他认为，SWKS在即将到来的全球5G增长中处于有利地位，这主要得益于强劲的iPhone、韩国OEM份额的增长和中国OEM的拉动，以及与4G相比，每部手机的射频内容大幅增加了50%-100%。
  • 随着物联网/汽车/工业的增长，SWKS在其广阔的市场业务中也有机会，提高了SWKS的毛利率，使其达到目标。
  • 价格行动：周二尾盘，高通股价上涨3.67%，至125.44美元。
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