Why Skyworks Solutions Stock Dropped on Thursday
Shares of Skyworks Solutions (NASDAQ: SWKS), a maker of specialty semiconductors used in smartphones, slipped Thursday morning after investment bank UBS (NYSE: UBS) cut its price target on the stock by 17%.
As of 10:05 a.m. ET today, shares of Skyworks were down 2.1%.
The UBS price target cut came in the wake of Apple unveiling a new iPhone 14 that does not feature Wi-Fi 6E (a faster form of Wi-Fi). In a note separate from UBS, investment bank KeyBanc observed that analysts had hoped Wi-Fi 6E would be integrated into the iPhone 14, because this would have implied a meaningful increase in Skyworks content in the Apple device, TheFly reported. The absence of Wi-Fi 6E from iPhone is a negative for Skyworks because it means slower growth in the near term.
Source Fool.com
