Needham & Company Reiterates a 'Buy' on Skyworks Solutions (SWKS); Still The Best Play on Growing RF Front-End Content in Mobile

Needham & Company reiterates a 'Buy' on Skyworks Solutions (NASDAQ: SWKS) price target of $28.50.

Analyst, N. Quinn Bolton, says, "After a hiatus in coverage lasting most of 2011, we are refreshing our estimates and reiterate our rating on SWKS. Benefitting from its broad relationships with all leading mobile device OEMs and baseband suppliers and from its recent acquisitions, Skyworks has consistently met consensus expectations despite the transition at Apple to the iPhone 4S (Nasdaq: AAPL) for which device SWKS has lower dollar content. With the iPhone 4S transition now complete, we see less near-term risk to SWKS estimates and believe the transition to the next generation iPhone may represent a source of upside to FY13 estimates. We continue to believe SWKS, as the largest RF front-end component vendor in the industry, remains the safest play on the trend toward increasing RF content in mobile devices."

Needham lowers FY12 EPS estimate from $2.05 to $1.86 and FY13 from $2.47 to $2.10.

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 $23.46 yesterday.

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