Canaccord Genuity Reiterates Buy, Raises PT On Skyworks Solutions On Mobile World Conference Meetings

In a report published Monday, Canaccord Genuity analyst T. Michael Walkley reiterated a Buy rating on

, and raised the price target from $90.00 to $102.00. In the report, Canaccord Genuity noted, "During Mobile World Congress, we hosted an investor meeting with Skyworks, and management highlighted its leading broad analog and RF product portfolio, including the introduction of the next-generation diversity receive modules. Skyworks management also highlighted the volume ramp of its SkyOne Ultra and SkyOne Mini integrated solutions. We believe Skyworks strong portfolio of integrated solutions should increase Skyworks' SAM for the fast growing RFIC market and enable Skyworks to capture RF $-content share in the LTE smartphone market. In fact, we believe Skyworks' broad portfolio should enable dollar content share growth in both Apple's and Samsung's premium tier smartphones during 2015 and grow content share in the fast growing Chinese LTE smartphone market. We also believe Skyworks' diverse analog portfolio positions its broad market division for ~20% annual growth driven by content share in markets such as WiFi 802.11ac, wireless infrastructure, and the IoT market. We reiterate our BUY rating and increase our PT to $102." Skyworks Solutions closed on Friday at $90.75.