Skyworks price target lowered to $85 from $105 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Skyworks (SWKS) to $85 from $105 and keeps a Buy rating on the shares. The firm continues to believe Skyworks is well positioned long-term with the expected growth in AIenabled smartphones, but thinks investors can pick their spots as content losses with Apple (AAPL) reset estimates moving forward. Management noted they expect Apple content to decrease 20%-25% for FY25 as competition has heightened. Craig-Hallum believes Skyworks lost content to Broadcom (AVGO).