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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

瑞穗認為高通、Qorvo和Skyworks在全球5G坡道上處於有利地位-閲讀全文
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.
  • 瑞穗分析師Vijay Rakesh重申買入高通(納斯達克：QCOM)，Qorvo公司(納斯達克：QRVO)，以及Skyworks Solutions，Inc.(納斯達克：SWKS)
  • 然而，他將高通的目標價從185美元下調至168美元(上漲34%)，將Qorvo的目標價從128美元下調至110美元(上漲12%)，將Skyworks的目標價從170美元下調至150美元(上漲62%)。
  • 他對手機供應鏈的調查顯示，第二季度和第二季度的普遍預期面臨下行風險，中國市場重新開放速度放緩，消費者需求疲軟，以及庫存增加成為手機的逆風。
  • 他認為，高通在智能手機市場處於有利地位，是一家長期專注於5G並向射頻和汽車新市場擴張的技術領先者。
  • 他看到QRVO為即將到來的全球5G發展做好了準備，即將推出的iPhone和中國OEM 5G手機驅動的智能手機，每部手機的射頻內容與4G相比大幅增加了50%-60%。
  • 他認為，QRVO可能會看到來自中國手機市場疲軟、供應鏈挑戰和日益激烈的競爭的不利因素。
  • 他認為，SWKS在即將到來的全球5G增長中處於有利地位，這主要得益於強勁的iPhone、韓國OEM份額的增長和中國OEM的拉動，以及與4G相比，每部手機的射頻內容大幅增加了50%-100%。
  • 隨着物聯網/汽車/工業的增長，SWKS在其廣闊的市場業務中也有機會，提高了SWKS的毛利率，使其達到目標。
  • 價格行動：週二尾盤，高通股價上漲3.67%，至125.44美元。
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