Needham & Company Reiterates Buy on Skyworks Solutions (SWKS) Following 3Q Beat
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Rating Summary:
27 Buy, 18 Hold, 2 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 20 | Down: 14 | New: 22
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Needham & Company reiterated a Buy rating and $73.00 price target on Skyworks Solutions (NASDAQ: SWKS) following the company's 3Q earnings report. SWKS reported F3Q16 revenue of $752MM, slightly above guidance and Street estimates of $750MM. NG EPS was $1.24, $0.03 above guidance and consensus.
Analyst Quinn Bolton commented, "SWKS reported slightly better than expected F3Q16 results and issued F4Q16 guidance just above expectations. Results continue to be affected by the presence of excess inventory of components for older generation smartphone platforms at its largest customer. As this inventory clears over the next 1-2 quarters, we believe SWKS has the chance to outperform normal seasonality. Outside of its largest customer, SWKS' RF front-end revenue should grow at least in line with the TAM in FY16 and management remains confident of content gains across major OEM customers and baseband providers. Reflecting this confidence, SWKS increased its dividend, announced a new share repurchase program and will return 50% of FCF to shareholders. With results and guidance tracking slightly ahead of our estimates, we maintain our Buy rating and $73 PT."
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 $70.92 yesterday.
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