Drexel Hamilton Reiterates Buy on Skyworks Solutions (SWKS) Following 4Q Beat and Raise
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Drexel Hamilton reiterated a Buy rating and $90.00 price target on Skyworks Solutions (NASDAQ: SWKS) following the company's 4Q report. SWKS turned in revenue of $835.4 million, exceeding the Street's consensus of $831.3 million. EPS of $1.47 also beat the Street's consensus of $1.43. For the December quarter, Skyworks is guiding sales to be in a range of $894-$911 million, compared to the Street's $893 million. EPS is guided to $1.58, compared to the Street consensus of $1.56.
Analyst Cody Acree commented, "After several quarters of in-line or softer results and guidance, largely driven by the slowing of smartphone unit growth and the resulting excess handset inventories, Skyworks posted its first solid and inarguable beat and raise of the year."
Shares of Skyworks Solutions closed at $74.67 yesterday.
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