Macroeconomic ChallengesTougher macroeconomic conditions and limited catalysts are expected for RF/handsets, leading to a downgrade for SWKS and QRVO.
Market CompetitionIncreased competition from Chinese RF suppliers is creating a significant financial headwind for QRVO, particularly in lower-end phones.
Smartphone Market OutlookGlobal smartphone shipments are expected to be flat, with softness in the US, EU, and China, affecting premium flagship shipments negatively.