UPDATE: Canaccord Genuity Initiates Skyworks Solutions with Buy, $33 PT on Growing Smartphone, RF Content Share

Canaccord Genuity initiates its coverage on Skyworks Solutions

with a Buy rating and a price target of $33. Canaccord Genuity comments, "We believe Skyworks has the broadest RFIC customer base and is growing its overall RF content share in the smartphone market and adjacent wireless connectivity markets such as M2M and WiFi. Further, we believe Skyworks' management team will continue to execute and deliver sustained industry-leading profits. With our checks indicating Skyworks supplies most of the top-selling global smartphones and our belief the growing mix of 3G and 4G smartphones will drive strong growth for the RFIC TAM and Skyworks' long-term earnings growth, we initiate with a BUY rating and $33 price target." SWKS closed at $28.19 on Thursday.