Mizuho downgraded Skyworks (SWKS) (SWKS to Neutral from Outperform with a price target of $62, down from $105. The firm sees Skyworks losing 20%-25% of content on its key revenue driver iPhone 17, due to share loss to Broadcom (AVGO), over the second half of 2025 and first half of 2026, resulting in a 15% headwind to revenue. The lower revenue amid capacity underutilization is likely to further pressure gross margins at the same time as spending is trending higher, the analyst tells investors in a research note. Mizuho sees continued headwinds for Skyworks through at least the iPhone 18 launch in September of 2026.
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