UPDATE: JMP Reiterates Market Perform on Skyworks Solutions, Says Well-Positioned
In a report published Monday, JMP Securities analyst Alex Gauna reiterated Market Perform on Skyworks Solutions, Inc. (NASDAQ: SWKS), with a $40.00 price target.
According to the report, the reiteration followed favorable CEW checks ahead of its F1Q14 earnings report scheduled for this Thursday, Jan. 16 AMC.
“We learned from a well-positioned private company in the wireless space that competing RF360 technology from Qualcomm is not making significant design win inroads in the space. We expect solid iPhone sales trends, deployment of the build cycle for the China Mobile commencement of 4G LTE-TDD services that includes the iPhone and Samsung Galaxy platforms, and the proliferation of global 4G LTE services, in general, to allow Skyworks to meet or exceed our December quarter non-GAAP EPS estimate of $0.67 (Street $0.66) and likely guide above our March quarter estimate of $0.58 (Street $0.57). Our $40 price target based on a 13x PE/CY15 multiple we view as an appropriate 1x PEG to its low- to mid-teens growth rate and also relative to our coverage universe mean in the mid-to-high teens.”
SWKS closed Friday at 29.08 with shares trading up at 4.79 percent.
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