Skyworks Remains Undervalued Despite Near-Term Forecast Cut Due to Huawei; Maintain $105 FVE
We will maintain our $105 fair value estimate for narrow-moat Skyworks Solutions as the firm, perhaps unsurprisingly, reduced its outlook for the June quarter due to the U.S. government's placement of Huawei on its Entity List, effectively banning U.S. chip sales from Skyworks and others into the smartphone and networking equipment maker. Skyworks confirmed that Huawei made up 12% of revenue in the first six months of fiscal 2019, a bit higher than our estimate of high single digits as we wrote ...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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