Skyworks Solutions (SWKS) PT Raised to $145 at Needham & Company

Needham & Company analyst N. Quinn Bolton raised the price target on Skyworks Solutions (NASDAQ: SWKS) to $145.00 (from $120.00) while maintaining a Buy rating.

The analyst commented, "We are raising our PT to $145 (vs. $120), as SWKS delivered a beat and raise qrt., driven by ongoing strength in mobile and broad markets. Sky5 has continued to ramp and gain design wins across China handset OEMs (Oppo, Vivo, Xiaomi) & Samsung. Additionally, SWKS' higher-margin broad markets products continue to ramp across Wi-Fi, 5G infrastructure, and automotive. Given increased RF complexity in 5G handsets, we expect a meaningful Y/Y increase in iPhone blended $ content in FY20 ($7-$8). We expect sales growth and GM expansion throughout CY20 on increased strength in mobile and broad markets, driven by a strong roll-out in 5G handsets and a pick-up in 5G infrastructure deployments."

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