We Maintain Our FVEs for Skyworks and Qorvo Despite Concerns of a Ban on Chinese Key Customer Huawei
We will maintain our fair value estimates of $105 for narrow-moat Skyworks Solutions and $86 for no-moat Qorvo despite a 6%-7% decline in share prices on May 16. The sell-off likely stems from the United States' decision to add Huawei to its "Entity List," which may prevent U.S. firms (such as radio frequency chipmakers like Skyworks, Qorvo, and others) from supplying into the Chinese networking equipment leader unless a special license is granted (with uncertainty whether the U.S. will in fact ...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.
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