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Skyworks Solutions Inc. (NASDAQ:SWKS) seems well-positioned to benefit from radio frequency front-end solutions for 5G-enabled devices going into production over the next year, according to Rosenblatt Securities.
The Skyworks Solutions Analyst: Kevin Cassidy initiated coverage of Skyworks Solutions with a Buy rating and $160 price target.
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The Skyworks Solutions Thesis: The company could generate “above semiconductor industry revenue growth of 10% over the next two years,” Cassidy said in the initiation note.
5G could evolve into the backbone network for connecting automobiles, IoT appliances, factory robotics and various other appliances to the internet, and this market segment contributes 30% of Skyworks Solutions’ revenue, the analyst said.
“The company can leverage its multiple generations of cellular RF technology leadership and smartphone OEM relationship to expand its customer base. The increasing RF front-end design complexity will continue the company’s long-term margin expansion, in our view,” he said.
“Improving profitability, pristine balance sheet and shareholder friendly policy makes SWKS an attractive Buy in front of the 5th generation of communications.”
SWKS Price Action: Shares of Skyworks Solutions were trading 1.31% higher to $137 at last check Friday.
Courtesy image.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.