Barclays on U.S. Semiconductors: First Teardown - Pic of IP5 Circuit Board Surfaces
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Price: $67.94 -0.79%
Rating Summary:
19 Buy, 26 Hold, 4 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
19 Buy, 26 Hold, 4 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Barclays on U.S. Semiconductors: First Teardown - Picture of IP5 Circuit Board Surfaces
Analyst, Blayne Curtis, said, "Mr. Blurry Cam Strikes Again but SkyWorks (Nasdaq: SWKS) and Avago (Nasdaq: AVGO) Appear to Have Highest Content: Pictures of an iPhone 5 circuit board also surfaced yesterday. Based on our analysis of the admittedly blurry photos, the device appears to contain 5 RF chips including: two SWKS (likely one dual PAD and a 2G/EDGE), one TriQuint (Nasdaq: TQNT) (B2/5 or just B2), and one or two AVGO (one likely a dual PAD and a smaller blurry one likely LTE). The part numbers are not distinguishable outside of the large AVGO chip, which may suggest B1/3 (also would suggest the phone is the A1429 model for Europe + US CDMA). We had looked for SWKS to capture ~$3.00 in content, AVGO at ~$2.80, TQNT $2.25, and RFMD $0.40 but as we highlighted above, we now know the IP5 likely has one less band (~$1 in content). We will need more detailed teardowns in days following September 21st to provide additional color on which of the three is impacted by the one less band. Given the two SWKS chips clearly present in on this board we have the most confidence in SWKS maintaining that $3.00 and will have to verify AVGO and TQNT in the upcoming weeks."
Analyst, Blayne Curtis, said, "Mr. Blurry Cam Strikes Again but SkyWorks (Nasdaq: SWKS) and Avago (Nasdaq: AVGO) Appear to Have Highest Content: Pictures of an iPhone 5 circuit board also surfaced yesterday. Based on our analysis of the admittedly blurry photos, the device appears to contain 5 RF chips including: two SWKS (likely one dual PAD and a 2G/EDGE), one TriQuint (Nasdaq: TQNT) (B2/5 or just B2), and one or two AVGO (one likely a dual PAD and a smaller blurry one likely LTE). The part numbers are not distinguishable outside of the large AVGO chip, which may suggest B1/3 (also would suggest the phone is the A1429 model for Europe + US CDMA). We had looked for SWKS to capture ~$3.00 in content, AVGO at ~$2.80, TQNT $2.25, and RFMD $0.40 but as we highlighted above, we now know the IP5 likely has one less band (~$1 in content). We will need more detailed teardowns in days following September 21st to provide additional color on which of the three is impacted by the one less band. Given the two SWKS chips clearly present in on this board we have the most confidence in SWKS maintaining that $3.00 and will have to verify AVGO and TQNT in the upcoming weeks."
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