Mizuho Sees Qualcomm, Qorvo, Skyworks Well Positioned For Global 5G Ramps Amid Odds - Read Full Take - Qualcomm (NASDAQ:QCOM), Skyworks Solutions (NASDAQ:SWKS), Qorvo (NASDAQ:QRVO)

Mizuho analyst Vijay Rakesh reiterated Buy on Qualcomm Inc QCOM, Qorvo, Inc QRVO, and Skyworks Solutions, Inc SWKS.
However, he slashed the price targets of Qualcomm from $185 to $168 (34% upside), Qorvo from $128 to $110 (12% upside), and Skyworks from $170 to $150 (62% upside).
His checks into the handset supply chain indicated downside risk to JunQ and 2H22 consensus expectations, with slower China reopening, weaker consumer demand, and inventory build as headwinds for handsets.
He believed QCOM is well-positioned in the smartphone market as a technology leader with a long-term focus on 5G and expanding into new markets in RF and Auto.
He saw QRVO positioned well for the upcoming 5G ramps around the globe, with smartphones driven by upcoming iPhones and China OEM 5G handset launches and a significant 50-60% dollar RF content increase per handset vs. 4G.
He believed QRVO could see headwinds from a softer China handset market, supply chain challenges, and increasing competition.
He saw SWKS positioned well for the upcoming 5G ramps around the globe driven by strong iPhone, Korean OEM share gains and China OEM traction, and a significant 50-100% dollar RF content increase per handset vs. 4G.
SWKS also has opportunities in its broad markets business with growth in IoT/auto/industrials, improving SWKS's gross margins towards its target.
Price Action: QCOM shares traded higher by 3.67% at $125.44 on the last check Tuesday.

Mizuho Sees Qualcomm, Qorvo, Skyworks Well Positioned For Global 5G Ramps Amid Odds - Read Full Take