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Skyworks Solutions Inc (NASDAQ: SWKS)'s semiconductors will continue to gain content share in high-end smartphones in 2015 while its growth in broader markets for connectivity should top 20 percent, an analyst said Friday.
Skyworks gained about 6 percent recently to $97.75; Late Thursday, the company beat the quarterly consensus and offered a better-than-expected outlook.
Canaccord's T. Michael Walkley said the company's 58 percent fiscal second quarter revenue growth, to $762 million, stemmed from better business with Apple Inc. (NASDAQ: AAPL) and Samsung Electronics (OTC: SSNLF), as well as a 27 percent increase in non-handset related markets.
Walkley raised his target on Skyworks about 6 percent to $108, reiterating a Buy rating.
SkyWorks' "leading position" in non-handset markets is "under-appreciated" by investors, in the view of Bank of America's Vivek Arya, who sees a big opportunity or the company in the Internet of Things connectivity market.
Arya forecast total revenue growth of between 12 percent and 14 percent in 2016 and 2017, and maintained a Buy rating and $115 target.
But others are less convinced, with Equal-Weight ratings on SkyWorks maintained Friday by both Harsh Kumar of Stephens as well as Barclay's Blayne Curtis.
SkyWorks pricing and margins "may reset more in line with other mobile suppliers" within a couple of years as the supplier base expands, Curtis said.
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.
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