Canaccord Boosts Price Target on Skyworks Solutions Inc Following Meeting With Management
In a research report released Monday, Canaccord Genuity analyst Michael Walkley maintained a Buy rating on Skyworks Solutions Inc (NASDAQ:SWKS) and raised the price target to $102 (from $90), following an investor meeting with the company’s management at the Mobile World Congress, where they highlighted the leading broad analog and RF product portfolio, including the introduction of the next-generation diversity receive modules.
Walkley noted, “We believe Skyworks strong portfolio of integrated solutions should increase Skyworks’ SAM for the fast growing RFIC market and enable Skyworks to capture RF $-content share in the LTE smartphone market. In fact, we believe Skyworks’ broad portfolio should enable dollar content share growth in both Apple’s and Samsung’s premium tier smartphones during 2015 and grow content share in the fast growing Chinese LTE smartphone market. We also believe Skyworks’ diverse analog portfolio positions its broad market division for ~20% annual growth driven by content share in markets such as WiFi 802.11ac, wireless infrastructure, and the IoT market.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst T. Michael Walkley has a total average return of 25.6% and a 71.5% success rate. Walkley has a 82.2% average return when recommending SWKS, and is ranked #4 out of 3508 analysts.