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
- 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。