After speaking with a senior RF engineer at a "leading China OEM," Morgan Stanley analyst Craig Hettenbach said that, contrary to investor expectations, Qualcomm (QCOM) appears to be "in the driver seat" to win the majority of 5G-related RF content in the first wave of 5G capable phones in China. Qualcomm's traction in 5G RF can feed the bear case in Skyworks (SKWS) and Qorvo (QRVO), said Hettenbach, who lowered his target P/E multiple on Skyworks to reflect what he now sees as a more credible competitive threat from Qualcomm. Hettenbach lowered his price target on Skyworks to $80 from $87 and keeps an Underweight rating on the shares and he maintains an Equal Weight rating and $75 price target on Qorvo.