Mizuho analyst Vijay Rakesh offered some insights on Skyworks Solutions Inc (NASDAQ:SWKS) following a “technical chart call” made by a competitor which could potentially lead to pull back.” Rakesh reiterated a Buy rating on Skyworks with a price target of $115, which represents a slight upside potential from current levels.
Rakesh noted, “We are buyers on SWKS on any pullback. Besides the macro concerns, SWKS could be off today based on a “technical chart call” from a competitor after the close yesterday that lacked any fundamental reasons. We are buyers given: 1) Apple is a 35-40% customer and positions well into 2H15; 2) SWKS has the lowest 2H15/1H15 Factset consensus revenue growth expectations among all its RF peers; and 3) Our recent Taiwan visits have pointed to a 2H15 strength in the iPhone supply chain.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Vijay Rakesh has a total average return of 35.2% and a 71.2% success rate. Rakesh has a 64.0% average return when recommending SWKS, and is ranked #24 out of 3640 analysts.
Out of 20 analysts polled by TipRanks, 17 rate SWKS stock a Buy, and 3 rate the stock a Hold. With an upside potential of 3.30%, the stock’s consensus target price stands at $113.92.