Skyworks price target lowered to $72 from $87 at Morgan Stanley

Morgan Stanley analyst Joseph Moore lowered the firm’s price target on Skyworks (SWKS) to $72 from $87 and keeps an Equal Weight rating on the shares after the company said on its earnings call that its expectation is that they will lose 20%- 25% content per handset in the iPhone model Apple (AAPL) is shipping later this year. A previously sole sourced socket will be shared starting in the iPhone 17, the firm believes with Broadcom (AVGO), who has won about half of the business. While there is some opportunity to mitigate this by taking some RF share from Qualcomm (QCOM) when the baseband transitions to Apple’s internal baseband, that’s “a small increment this year,” with a larger opportunity next year, the analyst tells investors.