BUZZ-Apple supplier Skyworks tracking record drop as competition dents mobile segment outlook

Updates, recasts throughout

Shares of chip co Skyworks Solutions SWKS.O plummet 25.8% to $64.80, on course for their biggest one-day pct decline on record, as competition intensifies

SWKS shares hit lowest since Jan 2019

Apple AAPL.O supplier late Weds said expects rev declines in its mobile segment and projected Q2 profits below estimates

At least 8 Wall Street brokerages chop their PTs reacting to the news; Stifel downgrades to 'hold' from 'buy', Mizuho cuts to 'neutral' from 'outperform'

TD Cowen says Skyworks on earnings call indicated lead mobile customer AAPL decided to dual source RF (radio frequency) components with a competitor, which the analysts believe is Broadcom AVGO.O

BofA says SWKS expected to lose 20%-25% of its content in the Fall 2026 iPhone 17, a significant hit as AAPL accounts for 72% of its sales, with AVGO likely sharing this content and no guarantee of regaining it in FY27

Also, co said current CEO Liam Griffin to step down and be replaced by Inseego INSG.O exec chairman Philip Brace, who began his career at Intel INTC.O

Of 29 analysts covering SWKS, recommendation breakdown is 3 "strong buy" or "buy", 23 "hold" and 3 "sell" or "strong sell"; median PT of $75 down from $110 on Nov 6 - LSEG

With move on the session, stock down about 35% over the past 12 months