Needham & Company analyst N. Quinn Bolton lowered the price target on Skyworks Solutions (NASDAQ: SWKS) to $77.00 (from $99.00) while maintaining a Buy rating following Apple's negative pre-announcement.

The analyst commented, "We reduce our sales and EPS estimates following Apple's negative pre-announcement driven by weaker iphone units. We anticipate SWKS will meet its previously stated guidance for F1Q19 but will then face an inventory correction in F2Q19 and F3Q19 and lower Apple iPhone unit sell-through in subsequent periods. While reducing our estimates for F2Q19 and beyond, we think that SWKS shares can rally following the company's F1Q19 earnings report, assuming F2Q19 guidance is no worse than our revised estimates. To reflect the weak Apple supply chain environment, we reduce our PT to $77, or 10X our CY20 NG EPS estimate. However, a conservative 10x P/E multiple assumption on our reduced estimates still implies over 19% upside to our PT from the current share price in the pre-market. Maintain Buy."