Needham & Company Upgrades Skyworks Solutions (SWKS) to Buy

Needham & Company upgraded Skyworks Solutions (NASDAQ: SWKS) from Hold to Buy with a price target of $73.00, saying the Apple weakness is likely priced in.

Analyst N. Quinn Bolton commented, "As we believe recent iPhone weakness is already largely discounted into both SWKS' share price and estimates, we believe SWKS shares are poised for a relief rally around the release of F1Q16 results on Jan 28. Accordingly, we are upgrading SWKS to Buy from Hold and establishing a 12-month PT of $73, or 10x our CY17 NG EPS estimate. As SWKS management has delivered the most consistent execution in the RF front-end over the past several years and as we believe the RF front-end TAM is poised to grow at a double-digit CAGR through 2019, we would take advantage of share price weakness to accumulate SWKS shares."

For an analyst ratings summary and ratings history on Skyworks Solutions click here. For more ratings news on Skyworks Solutions click here.

Shares of Skyworks Solutions closed at $60.67 yesterday.

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