In a report released today, Craig Ellis from B.Riley FBR assigned a Buy rating to Skyworks Solutions (NASDAQ: SWKS), with a price target of $116. The company’s shares opened today at $99.90.
Ellis commented:
“Skyworks (SWKS) reports F3Q18 results 7/19 AMC. We preview an in-line print versus Street estimates, which are modestly above our forecasts—but an F4Q18 outlook below the Street including two upside outliers and is closer to our forecasts. At mid-year, we see fundamental positives and negatives and can’t rule out downside risk to our preview given tier-1 program concerns. Specifically, at last week’s SEMICON West, our checks suggested a moderation in May/June iPhone order intensity. Unchanged SS iPhone 2Q&3Q forecasts could mean that’s just typical product cycle transition activity, but we’re guarded, especially after lower-than-expected Samsung 2Q18 sales, perhaps due in part to a smartphone sales miss. More positively, China OEM demand has improved from C4Q/1Q levels and should ramp into Golden Week builds.”
According to TipRanks.com, Ellis is a top 25 analyst with an average return of 37.8% and a 79.5% success rate. Ellis covers the Consumer Goods sector, focusing on stocks such as Silicon Laboratories, Rudolph Technologies, and Applied Materials.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Skyworks Solutions with a $115.42 average price target, implying a 15.5% upside from current levels. In a report issued on July 12, Loop Capital Markets also maintained a Buy rating on the stock with a $130 price target.
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The company has a one-year high of $117.65 and a one-year low of $86.13. Currently, Skyworks Solutions has an average volume of 1.99M.
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Skyworks Solutions, Inc. engages in the design, development, and manufacture of proprietary semiconductor products. Its product portfolio includes amplifiers, attenuators, circulators, demodulators, detectors, diodes, directional couplers, front-end modules, hybrids, isolators, lighting and display solutions, mixers, modulators, optocouplers, optoisolators, phase shifters, synthesizers, power dividers and combiners, power management devices, receivers, switches, and technical ceramics. The company was founded in 1962 and is headquartered in Woburn, MA.
