UPDATE: Sterne Agee Upgrades Skyworks Solutions to Buy as Handset Markets Improve

Sterne Agee raised its rating on Skyworks Solutions SWKS from Neutral to Buy and established a price target of $31. Sterne Agee noted, "We are upgrading SWKS to a Buy with a $31 PT as the overall handset market improves into 2H12 with improving 28nm-Snapdragon supply. SWKS is well positioned as its market share and content stabilize on iPhone5-Galaxy S3 and the handset supply chain coalesces around the market leaders SamsungApple. We believe SWKS-RFMD-AVGO should benefit from the 3G-4G -LTE ramps." Skyworks Solutions closed at $26.64 on Wednesday.