Skyworks (SWKS) Shares Rally Midday as DA Davidson Upgrades to Buy

Shares of Skyworks Solutions (NASDAQ: SWKS) spiked higher in intraday trade Wednesday following a mid-day upgrade from an analyst at DA Davidson.

The firm now rates Skyworks shares a Buy, up from Neutral previously, and lifted its price target from $25 to $30.

In contrast to recent data points from prominent handset OEM players, DA Davidson sees "an improving mix of smartphones versus feature phones, and often overlooked markets like Chinese 3G data cards will allow Skyworks to meet its Q3 revenue guidance of up ~6% sequentially." The firm views a recent decline (down about 37 percent since the middle of February) as a buying opportunity.

DA Davidson notes "While we believe it is likely that Skyworks will lose some dollar content in the next iPhone, this event is already well anticipated."

For more ratings news on Skyworks Solutions click here and for the rating history of Skyworks Solutions click here.

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