In a research report released Thursday, Brean Capital analyst Mike Burton maintained a Buy rating on Skyworks Solutions Inc (NASDAQ:SWKS) and raised the price target to $110 (from $92), which implies an upside of 13% from current levels.
Burton noted, "We are increasing our estimates and target price on Skyworksdue to our increasing confidence in the company's ability to – once again – grow its content across its wide and deep customer base. In the near term, we believe Skyworks is able to offset a weaker demand profile from the Chinese OEMs as it benefits from better-than-expected Apple performance in Q1 and has more content in the GS6 than we originally thought. Looking towards the 2H, we think those content gains at Samsung carry forward to other OEMs including possibly Apple. Though SWKS is up 33% YTD, we are raising our TP multiple from 16.5X to 19.4X and increasing our TP to $110 to account for SWKS above-average growth prospects"
According to TipRanks.com, which measures analysts' and bloggers' success rate based on how their calls perform, analyst Mike Burton has a total average return of 22.2% and a 72.1% success rate. Burton has a 83.6% average return when recommending SWKS, and is ranked #116 out of 3564 analysts.