Oppenheimer analyst Rick Schafer came out today with an extremely bullish call on shares of Skyworks Solutions Inc (NASDAQ:SWKS), as the company’s stock is off 15% since delivering solid earnings results on July 23. The analyst noted that the recent pullback is as an opportunity for long-term investment.

Schafer explained his bullish conviction noting, “We attribute much of the weakness to Apple sympathy, QRVO’s poor C3Q outlook, as well as China-related handset inventory fears. We see little in these datapoints to be incrementally concerned with and see our core SWKS share/content gain thesis intact. Importantly, SWKS has never missed a quarter on China-related weakness and has a track record of guiding that business conservatively. Increasing RF content remains an early stage story with bandcounts rising as 4G penetration deepens. We believe SWKS remains ideally positioned to capitalize and see the SWKS growth/ upside story as early innings.”

Bottom line, “SWKS’ shares are off 21% since late-June highs, and 15% since delivering beat/raise results on 7/23. We remain buyers, and would use recent weakness as an opportunity to build/bolster long term positions.”

The analyst reiterated an Outperform rating on Skyworks shars with a price target of $120, which implies an upside of 34% from current levels.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Rick Schafer has a total average return of 22.0% and a 76.6% success rate. Schafer has a 67.7% average return when recommending SWKS, and is ranked #23 out of 3724 analysts.

Out of the 20 analysts polled by TipRanks, 17 rate Skyworks Solutions stock a Buy, while 3 rate the stock a Hold. With a return potential of 13.0%, the stock’s consensus target price stands at $101.