UPDATE: Barclays Downgrades Skyworks Solutions (SWKS) to Equalweight; Prefer CRUS Into iPhone 5 Ramp

(Updated - September 4, 2012 1:00 PM EDT)

Barclays downgraded Skyworks Solutions (NASDAQ: SWKS) from Overweight to Equalweight with a price target of $28.00 (from $30.00).

Analyst , Blayne Curtis, said, "SWKS is well positioned to exceed estimates for Sep/Dec (our CY13 EPS is $2.37 vs. St. $2.19) on strong IP5 builds but we see the IP5 content catalyst (the cornerstone of our thesis) as already well known and we see a more challenging RF market and iPhone design cycle next year depressing the multiples. We see Cirrus (Nasdaq: CRUS) as the better story into the IP5 launch as we believe the market is still not factoring in the sheer magnitude of the ASP boost at Apple (Nasdaq: AAPL) likely driving additional beats and raises."

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 $30.46 yesterday.

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