Skyworks gets rating cut; Nvidia, Intel among those seeing price target boost at KeyBanc

KeyBanc’s latest semiconductor note is broadly positive for AI/data-center exposed chipmakers but negative for smartphone-linked names. The firm downgraded Skyworks Solutions, citing weakening smartphone demand and the risk of lower revenue concentration in a contracting handset market. In contrast, it raised price targets on Nvidia, Intel, Arm, Marvell, and Micron, pointing to persistent data-center demand, AI server growth, memory shortages, tighter supply, and related pricing power. The note suggests investors may continue rotating toward semiconductor companies leveraged to AI infrastructure while remaining cautious on handset-dependent suppliers. For NVIDIA specifically, the update reinforces bullish sentiment around AI-driven server demand and capacity expansion, supporting the stock’s longer-term thesis.