TD Cowen Downgrades SkyWater Technology, Inc. (SKYT) to Hold After IonQ Deal

Core Viewpoint - SkyWater Technology, Inc. (SKYT) is undergoing an acquisition by IonQ, valuing the company at $35 per share, approximately $1.88 billion, leading to recent downgrades from analysts [1][2]. Company Overview - SkyWater Technology, Inc. is a U.S.-based pure-play semiconductor foundry that provides design, development, and manufacturing services for chips across various sectors including aerospace, defense, automotive, and industrial markets [3]. - The company emphasizes secure domestic production and has advanced fabrication capabilities, along with strategic partnerships aimed at strengthening the U.S. semiconductor supply chain [3]. Analyst Actions - TD Cowen downgraded SKYT from Buy to Hold while raising its price target to $35 from $24 following the acquisition announcement [1][2]. - Craig-Hallum also downgraded SKYT from Buy to Hold, maintaining a price target of $35, and expressed confidence that the acquisition deal is likely to be completed without significant issues from other quantum customers [2].