Qualcomm, Skyworks Solutions dip as Mizuho cuts price targets on chip stocks
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Qualcomm (NASDAQ:QCOM), Skyworks Solutions (NASDAQ:SWKS) and Qorvo (NASDAQ:QRVO) dipped on Monday as investment firm Mizuho cut the price target on several semiconductor stocks, citing multiple headwinds, including weak 5G demand.
Analyst Vijay Rakesh lowered the price target on Qualcomm (QCOM) to $185 from $210, Qorvo (QRVO) was lowered to $135 from $155, Skyworks (SWKS) was lowered to $175 from $210 and Synaptics (NASDAQ:SYNA) was cut to $250 from $290, as the analyst noted 5G handsets for 2022 should be roughly 660 million units, compared to a previous outlook of 700 million to 750 million and perhaps as many as 800 million.
"Overall, we believe investor sentiment is very negative, especially with Shanghai, the biggest manufacturing hub in China for handsets/PC/autos, in lockdown with logistics constraints," Rakesh wrote in a note to clients, adding that since valuations have dropped to "2018 levels," it's possible investors may move back into semiconductor stocks. 
Qualcomm (QCOM) shares dipped slightly less than 1% to $135.82 in premarket trading on Monday, while Skyworks, Qorvo (QRVO) and Synaptics (SYNA) all traded down fractionally.
In addition to the China lockdown and weaker 5G demand, Rakesh pointed out that Apple (AAPL) may have made some production cuts to certain suppliers for its iPhone, of which all four chip companies are suppliers to the tech giant. 
Other events that could impact the companies include the war in Ukraine, rising inflation and interest rates in the U.S., as well as the continued strain on supply chains, all of which Rakesh said "could be near-term risks."
Earlier this month, Qualcomm (QCOM) and Stellantis N.V. (STLA) signed a multi-year technology agreement to utilize the latest Snapdragon Digital Chassis advancements across the automaker's 14 brands.