BUZZ-KeyBanc downgrades Skyworks on worsening smartphone market

Apple Inc.
Skyworks Solutions, Inc.

Apple Inc.

AAPL

0.00

Skyworks Solutions, Inc.

SWKS

0.00

** KeyBanc downgrades chipmaker Skyworks Solutions SWKS.O to "sector weight" from "overweight"

** Says smartphone market "continues to worsen," with cuts across all segments and smartphone manufacturers, including Apple AAPL.O, Samsung 005930.KS and Chinese handset makers

** "We're hearing memory makers are planning to cut their allocation to the smartphone market next year by 20% in order to better service demand in data center" - brokerage

** Average rating of 25 analysts covering the stock is "hold"; median PT is $75 - data compiled by LSEG

** As of last close, SWKS down ~8% this year


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