Skyworks三季度略好但四季度展望混合，停派股息并等待Qorvo并购落地

Skyworks Solutions (SWKS) reported a better-than-expected third quarter and a mixed fourth quarter outlook, but financial analysts are remaining on the sidelines until the pending merger with Qorvo (QRVO) closes.
Skyworks' shares sank 7% by early market action on Wednesday, while Qorvo declined 3%.
"Management sounded increasingly confident about closing the QRVO deal this year and announced a leadership team for the combined entity," said RBC Capital Markets analyst Srini Pajjuri in a Wednesday note. "The company's new capital return policy eliminates the dividend in favor of buybacks, de-leveraging, and M&A. We continue to view the QRVO acquisition favorably given the potential opex synergies but expect the stock to trade on core fundamentals until the deal closes. We are lowering estimates due to higher interest expense, and at 12-13x P/E, valuation appears reasonable."
RBC maintains its Sector Perform until the deal closes with Qorvo and more visibility occurs into RF content expansion at Apple (AAPL). The financial firm also reduced its price target to $70 from $80.
"Mobile represented ~57% and declined 3% q/q, slightly better than our model on healthy iPhone sell-through and new product ramps at Samsung," Pajjuri noted. "For F4Q, management is guiding for high teens sequential growth in Mobile, supported by seasonal iPhone 18 builds."
Similarly, Morgan Stanley retained its Equal-weight rating and lowered its price target to $72 from $76.
"Apple trends have improved versus the initial outlook, with the anticipated content-related decline narrowing from 20-25% to the low teens, driven by better unit volumes and mix. Longer term, we continue to watch price inflation impacts," said Morgan Stanley analyst Joseph Moore in a Wednesday note. "Apple and the premium tier may have greater price elasticity, but it will take time for a new cycle of price hikes to take effect. At this time, Skyworks continues to broadly expect a seasonal 2H, with content flat on a blended basis consistent with prior guidance."
Skyworks also revealed it was suspending its quarterly dividends in favor of a new $2B stock repurchase plan and other "high-return uses."
"The decision to eliminate the dividend will cause some short-term selling pressure," Moore noted. "The combined entity will have a significantly larger share count, which would raise the dividend price tag, in addition to the debt raise to fund the deal. It's doable if the company wants to orient the capital structure of the company to maintain it, but our sense is there is a clear preference to use the cash to buy back stock or for inorganic growth—with some frustration that the share price underappreciates the current deal and the high yield. That said, historical instances of dividend suspensions for stocks with material yields have seen material dislocation."
Competitor Analog Devices (ADI) was down 1.6%, while Broadcom (AVGO) had inched 1% lower.