Barclays Comments on RF Content for iPhone 5; Skyworks (SWKS) In-Line, Avago (AVGO) & TriQuint (TQNT) Below Views

September 20, 2012 3:28 PM EDT
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Semiconductor analysts at Barclays issued their final view of Apple's (Nasdaq: AAPL) iPhone 5 RF section ahead of the teardown, which they expect imminently.

Net net they are confirming their view that Skyworks Solutions (NASDAQ: SWKS) content is in line with their expectations, Avago Technologies (NASDAQ: AVGO) is in line to slightly below, and TriQuint (NASDAQ: TQNT) is slightly below.

Additionally, Barclays highlighted a large win by RFCMOS PA supplier, Javelin, in the Samsung Galaxy 2 Duos that was announced last night. "RFCMOS PAs is a competitive concern for us in the RF market and one of the risks we highlighted in our recent downgrade of SWKS."

Commenting on specifics, the firm notes:
- Skyworks Solutions: ~$3.00 in content (consistent with our view for last 6 months). Band 5/8 Dual PAD ($1.70), the 2G/EDGE PAM ($0.85) and $0.50 in WLAN

- Avago Technologies: $2.40-2.70 in content - in line to slightly below our expectation. Band 1/3 (1429) or B1/4 (1428) Dual PAD ($1.70-2.00) and $0.70 from the Band 13 (1429) or Band 17 (1428) LTE PAs. We list a range for the PA content as we are unsure if AVGO was able to extract any additional value from their FBAR vs. competing SAW solutions.

- TriQuint: ~$1.40 in content with the Band 2 PAD ($1.10) and $0.30 from their WLAN PA share (5GHz). TQNT's IP5 content is below our $1.80 estimate but would highlight that dual band WLAN was added to the iPod Touch and likely the iPad Mini as well (represents ~$5M in the December quarter alone) and helps offset.

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