Skyworks Solutions (SWKS) could become a more diversified semiconductor player through the acquisition of Qorvo (QRVO), while revenue growth could be limited in the next two years due to Apple (AAPL) content headwinds, RBC Capital Markets said in a note emailed Thursday.

The Qorvo deal "makes sense" given the complementary portfolios, minimal product overlap, and $500 million in cost reductions, RBC said.

The deal, however, likely won't close until early 2027, with synergies taking two to three years to fully materialize, and China regulatory approval is the main risk despite management's confidence due to limited exposure, according to the note.

The brokerage added Skyworks faces muted growth as Apple content headwinds persist, with content in iPhone 17 Pro models down 20% to 25%, and the Mobile segment still expected to fall about 20% in 2026.

RBC has initiated coverage on the stock with a sector perform rating and a price target of $65.

Shares of Skyworks were down 1.6% in recent Thursday trading.

Price: 58.92, Change: -0.95, Percent Change: -1.58