UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Skyworks Solutions on Improving Industry Backdrop - Skyworks Solutions (NASDAQ:SWKS)

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In a report published Monday, Bank of America analyst Vivek Arya reiterated a Buy rating on

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Skyworks Solutions

(NASDAQ: SWKS), and raised the price target from $35.00 to $45.00.In the report, Bank of America noted, “We raise our PO to $45 on a 15x CY15E PE (from 13x CY14E) due to RF sector consolidation to just three vendors, and an acceleration in LTE adoption in China/Europe in which RF content is 2x of 3G. Post company meetings at MWC/Barcelona we believe SWKS is well positioned for $ content gains at Apple, Samsung, and Chinese smartphone, an improved pricing outlook, and potentially accretive M&A. The choice of 15x PE is only inline with peers, with potential for further expansion given better than peer sales growth (11% vs. 8%). Reit. Skyworks as top pick for mobile though also note our upgrade of RFMD with higher risk-reward potential.”Skyworks Solutions closed on Friday at $34.95.