Ascendiant Capital analyst Cody Acree reiterated a Buy rating and boosted his price target on Skyworks Solutions (NASDAQ: SWKS) to $92.00 (from $70.00) following strong Q1 results.

Acree commented, "Even after many quarters of outperformance and in spite of the current March period of typical seasonal softness, Skyworks once again posted results and guidance that were easily ahead of expectations. The company’s shares were off modestly after hours, which we simply attribute to profit taking following a strong recent run, with SWKS up 48% in just the last three months. We saw nothing in SWKS announcement that should cause investors concern. To the contrary, our estimates are moving higher as we continue to see expanding opportunities for revenue growth and gross margin expansion in both SWKS’ traditional handset market and new areas, such as Internet of Things applications, where we believe the company leads the industry in enabling connectivity."

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Shares of Skyworks Solutions closed at $79.33 yesterday.