RF Chipmakers Remain Materially Undervalued Despite Apple's 1Q iPhone Warning
We are trimming our fair value estimates for narrow-moat Skyworks Solutions to $105 from $113 and for no-moat Qorvo to $86 from $90, as both firms are key radio frequency chip suppliers into Apple, which slashed guidance for December quarterly revenue due to weaker-than-expected iPhone sales, particularly into China. Nonetheless, we continue to believe that the sell-off in both Skyworks and Qorvo in recent months is overdone and we still see attractive buying opportunities in both names for long...Skyworks Solutions is a provider of analog semiconductors that connect people, places, and things, spanning a number of applications within the aerospace, automotive, broadband, cellular infrastructure, connected home, industrial, medical, military, smartphone, tablet and wearable markets. The company's product portfolio consists of various solutions, including: amplifiers, antenna tuners, attenuators, circulators/isolators, wireless analog system on chip, direct current (DC)/DC converters, demodulators, detectors, diodes, directional couplers, diversity receive modules, filters, front-end modules, hybrid, light emitting diode drivers, low noise amplifiers, mixers, and modulators.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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