Skyworks Solutions Under Pressure On Downgrade By Citi

(RTTNews) - After gapping open lower, shares of Skyworks Solutions, Inc. (SWKS) have seen some further downside during trading on Monday. Skyworks is currently down by 4.4 percent after hitting its lowest intraday level in nearly two years.

The steep drop by Skyworks comes after Citi downgraded its rating on the Apple (AAPL) chip supplier's stock to Neutral from Buy.

Cit analyst Atif Malik attributed the downgrade to broad smartphone weakness observation in China and disappointing iPhone XR unit sales.

"Additionally, we now think that 5G is a 2020 story versus our prior 2019 view with little upside in 2019 from 5G implementation," Malik said.