Argus analyst Jim Kelleher downgraded Skyworks to Hold over the immediate-term, even though his long-term rating remains at Buy. The analyst cites the company's reduced Q3 guidance to account for the impact of lost business from Huawei export ban, even though he expects that business to return later this year. Kelleher notes that the loss of Huawei was another blow to Skyworks Mobility business, which posted an annual decline for the second straight quarter in Q2. The analyst adds that the discount in Skyworks valuation relative to his fair value estimate "reflects declines in the stock price."