Skyworks (SWKS) Price Target, Estimates Raised at Needham & Company on Strong Q1

January 17, 2014 7:31 AM EST
Get Alerts SWKS Hot Sheet
Price: $79.27 --0%

Rating Summary:
    24 Buy, 7 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 31 | New: 34
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Needham & Company reiterated a Buy rating and raised its price target on Skyworks Solutions (NASDAQ: SWKS) from $30 to $34 following strong results driven by expanding connectivity and analog opportunities.

"Skyworks delivered another beat-and-raise quarter as increasing demand for its cellular, connectivity and analog solutions across multiple end markets drives revenue growth and diversification," analyst N. Quinn Bolton notes "Broadly, as more and more devices become connected in the Internet-of-Things and as analog complexity grows, SWKS remains well positioned. In F1Q14, SWKS saw strength out of China and benefited from a strong position on QCOM's reference design (QRD) and MediaTek's high-volume quad-core 3G platform. Additionally, its linear business grew across multiple end markets."

The firm raised FY14 and FY15 revenue and non-GAAP EPS estimates to $2.00bn/$2.59 and $2.18bn/$2.80 from $1.96bn/$2.53 and $2.16bn/$2.77, respectively.

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 $29.11 yesterday.

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