Semiconductor maker Qorvo could struggle relative to other names in the space, JPMorgan warned Thursday. Analyst Harlan Sur downgraded the stock to underweight from overweight. He also slashed his price target on Qorvo to $90 from $125. The new target implies upside of just 6.5%. "We don't disagree with the team and we think [Qorvo] will continue to execute well to its product/market strategies, but over our investment horizon (12-18 months) we believe the stock will underperform relative to the group," he said in a note to clients. Sur said the company will specifically struggle in the near- and mid-term due to global macro headwinds. Revenue and margin recovery will specifically be challenged by sliding consumer demand, which is tied in part to the zero-Covid China policy's impact on consumers there and decreasing interest from European consumers as that economy takes a hit. When it comes to China, there are concerns that the country could localize its radio frequency semiconductor production. Given Qorvo's exposure to China in its smartphone business, that could mean further declines in demand longer term if Chinese-U.S. relations don't improve and the country becomes less friendly to U.S. suppliers. JPMorgan also found a handful of Chinese start-ups including Maxscend and Richtek that could take at least some of Qorvo's market share in the next few years. The company also faces inventory challenges, Sur noted. "With the company actively under-shipping/under-building to smartphone consumption, its internal inventory levels remain elevated and the resulting factory under-utilizations are set to weigh heavily on margins," he said. It's a similar story to retailers, many of whom have gluts and must now look to promotions to move inventory despite the negative impact to the company's financial performance. The stock lost 2.3% in pre-market trading. It is down 46% this year. — CNBC's Michael Bloom contributed to this report.