Oppenheimer Says Skywork (SWKS) Sell-Off Overdone, But Target Trimmed

September 21, 2012 10:12 AM EDT
Get Alerts SWKS Hot Sheet
Price: $90.17 --0%

Rating Summary:
    24 Buy, 7 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 11 | New: 7
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Oppenheimer reiterated its Outperform rating but trimmed its price target on Skyworks Solutions (NASDAQ: SWKS) from $35 to $32 following disappointing guidance Q4 guidance from the company due to lack of Apple upside.

The analyst comments, "We view the pullback as overdone, although we expect the shares to be range-bound near-term. Expectations missed a weak market outside of Apple and a likely linear iPhone5 build starting in June vs. a Sept./Dec. spike. Lost in the noise is a strong fundamental story of a market leader and expanding TAM (total addressable market), reflected in reachable mid-term targets that imply upside to consensus. Maintain Outperform, but lowering PT to $32 (from $35). We're positive on the story, but even after Apple's near-term impact is digested, we believe the multiple will be lower as customer concentration (Apple/Samsung) and risk grow."

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

After falling 18.5 percent on Thursday, shares of Skyworks are up 7 percent to $25.73 on Friday.

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