Skyworks cut to Hold at Argus due to shrinking Apple business

As previously reported, Argus downgraded Skyworks (SWKS) to Hold from Buy. Apple (AAPL) is by far Skyworks’s largest customer, at 69% of FY24 revenue, but it will now dual-source a premier RF socket in the new upcoming iPhone 17 generation family that Skyworks had formerly sole-sourced, and Skyworks has recently revealed that it would lose 20%-25% content in the iPhone 17 launch due to launch in fall 2025, the analyst tells investors in a research note. Argus adds that it would need to see signs that the Mobility business is back on track, and that Broad Markets has returned to strong growth before considering an upgrade for Skyworks shares.