Skyworks Solutions (SWKS) PT Raised to $255 at Needham & Company

Needham & Company analyst Rajvindra S. Gill raised the price target on Skyworks Solutions (NASDAQ: SWKS) to $255.00 (from $245.00) while maintaining a Buy rating.

The analyst commented, "Skyworks reported revenues in-line and guided Q4-21 sales to $1.3B (vs. $1.2B Needham and $1.4B consensus), and non-GAAP EPS to $2.53 (vs. $2.35 Needham and $2.93 consensus). Mobile continues to do well with Google and Chinese OEMs, with further upside expected from higher content gains thanks to 5G proliferation. Broad Markets saw wins with a multitude of large players last quarter. Skyworks has also closed the $2.75B purchase of Silicon Labs' Infrastructure & Automotive segment, which will bolster both the top and bottom line while opening up new markets. We are increasing our price target to $255 on higher EPS estimates driven by broad-based bottom-line growth while maintaining our target multiple on SWKS shares."

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