Skyworks assumed with a Market Perform at Raymond James

Raymond James analyst Srini Pajjuri assumed coverage of Skyworks with a Market Perform rating and no price target. The analyst says that while the company’s iPhone and premium Android content gains will continue this year, its mid-end and China domestic exposure are relatively small. The combination of weak smartphone demand, a maturing 5G cycle, and Skyworks’ limited gross margin leverage warrant a neutral rating, the analyst tells investors in a research note.