UPDATE: Bank of America Raises PT to $36 on Skyworks Solutions; Catalysts Ahead
Bank of America reiterated its Buy rating on Skyworks Solutions (NASDAQ: SWKS) and increased its price target from $34 to $36.
Bank of America noted, "We reiterate Buy on our top SMid-cap growth pick Skyworks, leader in RF chips tied to smartphone growth and the move to higher-value 4G/LTE mobile devices. Four catalysts in September: 1) Apple iPhone 5 newsflow; 2) Samsung Galaxy S3 ramps; 3) Sep 20th analyst day with potential upside to Sep Q est.; and 4) Q4 inflexion point in higher-value 4G LTE adoption. We raise FY12/13 EPS above Street to $1.89/$2.21 from $1.87/$2.17 and our PO to $36 from $34."
Skyworks Solutions closed at $29.24 on Wednesday.
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