Skyworks Solutions (SWKS) PT Lowered to $90 at Baird

Baird analyst Tristan Gerra lowered the price target on Skyworks Solutions (NASDAQ: SWKS) to $90.00 (from $105.00) while maintaining a Outperform rating following guidance cut.

Gerra notes "smartphone weakness appears to be across the board, while Apple is facing the additional issue of inventory reductions, which could weight on procurement through mid-2019. Growth area for Skyworks this year will be 5G basestations and massive MIMO; however, RF content increases in smartphones outside of China should be minimal this year. Outperform-rated on valuation and medium-term, 5G-related RF content growth prospects."

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