Skyworks Solutions (SWKS) PT, Estimates Lifted at Needham & Company; Consistent Execution
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Needham & Company analyst N. Quinn Bolton reiterated a Buy rating and boosted his price target on Skyworks Solutions (NASDAQ: SWKS) to $84.00 (from $73.00) following results. The firm notes consistent execution and introduces FY18 estimates.
Bolton commented, " SWKS reported strong beat and raise results in F4Q16. The company is poised to see future revenue growth as well with Apple nearing full digestion of excess iPhone 6S components and SWKS' shipments ramp up to match consumption. We believe this dynamic sets the company up for better than seasonal results in F2Q17 (March). Skyworks' internal inventory levels declined in F4Q16 and are projected to decline further in F1Q17 as iPhone 7 production hits a peak, reducing associated inventory risk. With results and guidance coming in ahead of expectations and and management's strong track record of execution, we reiterate our Buy rating. We also raise our price target to $84 from $73 based on a 12x multiple of our newly introduced CY18 NG EPS estimate."
The firm raises FY17 revenue and NG estimates to $3.59bn/$6.20 from $3.58/$6.15 and introduce FY18 estimates of $3.94bn/$6.85.
Shares of Skyworks Solutions closed at $74.67 yesterday.
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