Skyworks started at neutral with $105 stock price target at UBS

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Apple iPhone X order weakness could hit suppliers: analysts

J.P. Morgan analysts came out incrementally more cautious on a number of wireless suppliers Wednesday, based on the firm’s projection of order weakness for Apple Inc.’s iPhone X. “The weakness in orders seems to be a reflection of slower-than-expected customer uptake of iPhone X in the midst of improving supply chain yield, thus shortened lead times,” wrote J.P. Morgan’s European team, led by Sandeep Deshpande. He downgraded shares of Austrian sensor firm AMS AG to neutral due to the company’s heavy exposure to Apple in the second half of last year. Its shares are down 8% in Wednesday trading. “The meaningful deterioration in iPhone X orders is likely to weigh on AMS’ near-term guidance and share price performance,” Deshpande wrote, while European semiconductor firm STMicroelectronics NV looks relatively insulated due to its more diversified revenue stream. Meanwhile, the U.S. semiconductor team, led by Bill Peterson, raised December quarter estimates and lowered March quarter projections for Qorvo Inc. , Skyworks Solutions Inc. , and Knowles Corp. due to their iPhone build outlook. Apple shares are up 48% over the past 12 months, while the Dow Jones Industrial Average is up 32% in that time.

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