Needham & Company analyst N. Quinn Bolton reiterated a Buy and boosted his price target on Skyworks Solutions (NASDAQ: SWKS) to $70.00 (from $60.00) following another 'beat and raise' quarter.

Bolton commented, "For the third consecutive quarter, SWKS delivered exceptionally strong "beat and raise" results, benefiting from broad-based demand drivers including content gains at multiple smartphone OEMs, the LTE ramp in China, the 3G upgrade cycle in emerging markets, multi-stream 802.11ac deployments and HPA penetration across multiple vertical end markets. Importantly, management expects revenue will continue to grow at a rate faster than the industry in F1Q15 and FY15 overall. Based on the stronger outlook and management's ability to execute, we are increasing our FY15 estimates and introducing our 2016 estimates. We raise our PT to $70 from $60 based on 14x our CY16E NG EPS estimate."

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Shares of Skyworks Solutions closed at $62.14 yesterday.