Nov. 11 at 1:35 PM
Mizuho upgraded Skyworks Solutions and Qorvo to Neutral following their planned merger, saying the deal offers “some valuation synergies” despite mobile market challenges. The merger is expected to close in April 2027 and generate about
$500 million in annual cost synergies by CY28–29E, positioning the combined firm as the largest global RF player with over 25% share, surpassing QCOM.
For Skyworks, Mizuho raised its target to
$73 from
$65, citing a pro forma FY27E EPS of
$5.83 and fair value near
$82 per share, while noting risks such as heavy AAPL exposure, Chinese RF competition, and a projected 7% iPhone sales drop in CY26E. Qorvo’s target rose to
$93 from
$75, implying ~
$103 per share before a 10% discount for China regulatory delays.
Mizuho said the merger offers short-term support but warned that full synergies will take time to realize and that mobile and China headwinds persist, though a late-2026 analog rebound could help.
$SWKS $QRVO $QCOM $AAPL