Needham Downgrades Skyworks Solutions (SWKS) to Hold

Needham & Company downgraded Skyworks Solutions (NASDAQ: SWKS) from Buy to Hold Thursday morning following Wednesday evening's Q3 results and Q4 guidance.

The firm noted Skyworks beat despite "a very challenging macroeconomic environment..." Needham's downgrade was based on the Skyworks' stock price approaching its prior $30 price target, "and with the change to our CY13 non-GAAP EPS estimate not meaningful enough to justify a significantly higher price target." The firm pointed to limited leverage on sales growth.

For an analyst ratings summary and ratings history on Skyworks Solutions click here. For more ratings news on Skyworks Solutions click here.

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