Skyworks Solutions (SWKS) Pullback Creates Buying Opportunity, Oppenheimer Says

Oppenheimer analyst Rick Schafer reiterated an Outperform rating and $120 price target on Skyworks Solutions (NASDAQ: SWKS) with shares down 15% since delivering solid beat/raise results 7/23.

Schafer commented, "We attribute much of the weakness to Apple sympathy, QRVO's poor C3Q outlook, as well as China-related handset inventory fears. We see little in these datapoints to be incrementally concerned with and see our core SWKS share/content gain thesis intact. Importantly, SWKS has never missed a quarter on China-related weakness and has a track record of guiding that business conservatively. Increasing RF content remains an early stage story with bandcounts rising as 4G penetration deepens.We believe SWKS remains ideally positioned to capitalize and see the SWKS growth/upside story as early innings. We view the recent pullback as an opportunity for long-term investment."

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 $88.69 yesterday.

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