Analysts Offer Insights on Financial Companies: Webster Financial (NYSE: WBS) and J and Friends Holdings (NASDAQ: JF)We hosted our handset industry call on the 5G/Handset outlook. Key points: 1) C26E global handsets estimated down 4% y/y(Ex-1) with more downside into 2H26 with memory(Ex-2) shortages/pricing, 2) China ODMs expected to reduce production ~10% except for Huawei, 3) Apple gaining China share with new phone buyback programs, 13M DRAM supply secured and Lunar Year discounts driving tailwinds, 3) QCOM headwinds with MTK gaining Apple/Huawei cutting content; and 4) China RF suppliers competing for mid-market penetration and VOX+H supply with SMEI/Runxin/ CETC, increasing domestic competition for SWKS & QRVO. Maintain QCOM/SWKS Neutral, lowering QCOM PT to $160 from $175 and SWKS from $65 to $60.