According to transcripts of the latest earnings call of these companies provided by Koyfin, Apple accounted for 63% of Skyworks’ revenue and 41% of Qorvo’s.

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Shanthi M·Stocktwits

Published Oct 19, 2025 | 10:31 PM GMT-04

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Ahead of Apple’s quarterly results, the shares of two of its suppliers received bearish recommendations from analysts.

Mizuho analyst Vijay Rakesh downgraded shares of Skyworks Solutions, Inc. (SWKS) and Qorvo, Inc. (Qorvo) from ‘Neutral’ to ‘Underweight,’ the summary of the notes carried by the Fly showed. The analyst also cut the price target for Skyworks stock to $60 from $70, and that for Qorvo to $75 from $87. The new price targets imply downside potential of 20.3% and 18.6%, respectively, for the stocks, from their respective closing prices on Friday.

Reacting to the downgrades, Skyworks stock fell 2.60% to $73.36 in overnight trading, according to Yahoo Finance, while Qorvo stock slipped 2.15% to $90.15.

Irvine, California-based Skyworks and Qorvo are manufacturers of high-performance analog and mixed-signal semiconductors. According to transcripts of the latest earnings call of these companies provided by Koyfin, Apple accounted for 63% of Skyworks’ revenue and 41% of Qorvo’s. Qorvo’s primary end markets included automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile.

Mizuho’s Rakesh attributed his downbeat opinion to a tougher macro backdrop and limited stock-moving catalysts for radio-frequency and handsets. The analyst expects 2026 iPhone unit shipments to decline 7% year-over-year (YoY) following a positive performance in 2025. He also expects the new foldable iPhone with high selling prices to delay upgrades, impacting both Skyworks and Qorvo.

Mizuho also flagged China headwinds for these companies as subsidies fade into 2026. More clarity on the fundamental outlook for these companies could emerge when Apple reports quarterly results on Oct. 30.

On Stocktwits, retail sentiment toward Skyworks stock remained ‘bullish,’ although the reaction to the downgrade hasn’t been fully captured yet. The message volume on the stream increased slightly to ‘normal’ levels. Retail mood toward Qorvo remained ‘neutral,’ with the message volume at a ‘low’ level.

For the year-to-date period, Skyworks stock has lost 12.5%, while Qorvo stock has jumped 32%.

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