Citigroup gets negative on chip stocks, citing weak iPhone demand
https://www.cnbc.com/2018/11/12/apple-chip-supplier-skyworks-downgraded-on-broad-smartphone-weakness.html
Semiconductor producer Skyworks Solutions was downgraded at Citigroup on Monday in light of Apple's weaker-than-expected iPhone XR outlook and softer smartphone demand in China.
"We are downgrading Skyworks Solutions to neutral from buy post the earnings season based on broad smartphone weakness observation in China and disappointing iPhone XR unit sales, which will likely hinder radio frequency semis growth in 2019," analyst Atif Malik wrote in a note to clients. "Additionally, we now think that 5G is a 2020 story versus our prior 2019 view with little upside in 2019 from 5G implementation."