Pacific Crest Downgrades Cirrus Logic (CRUS) and Skyworks Solutions (SWKS) to Sector Weight on iPhone 7 Concerns
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Pacific Crest downgraded Cirrus Logic (NASDAQ: CRUS) from Overweight to Sector Weight. Skyworks Solutions (NASDAQ: SWKS) was also downgraded from Overweight to Sector Weight. Analyst Michael McConnell noted iPhone 7 concerns.
"Our quarterly Asia supply-chain findings left us incrementally more positive on INTC, NVDA and ON. Conversely, we believe iPhone 7 concerns put estimates at risk for ADI, AVGO, CRUS, INVN, QCOM, QRVO, SWKS, SYNA and TXN, for which we are lowering estimates. We are downgrading CRUS and SWKS to Sector Weight," said McConnell.
"We are lowering estimates on ADI and TXN (Apple 10%+ customer) to reflect weaker-than expected iPhone 7 demand forecasts in the supply chain. Our price target on ADI has been lowered to $60 from $62, or the five-year average median P/E of 19x our new C2017 EPS estimate of $3.07," added the analyst.
Shares of Cirrus Logic closed at $38.04 yesterday.
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