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Charter Equity Research managing director Edward Snyder does not see Apple Inc. (NASDAQ:AAPL)'s iPhone delays to be an overhang for Skyworks Solutions Inc (NASDAQ:SWKS) investors, as he raised estimates and reiterated his Outperform rating.
Snyder believes Skyworks shares have taken a hit recently as “lighter than expected guidance for Mobile is just the latest indication delays in iPhone 8 are suppressing the ramp for all suppliers including Skyworks.” However, he pointed out “what doesn’t ship in September should ship in December period.”
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Thus, even if Apple experiences a delay, whatever is not shipped out in September will end up counting toward quarter-over-quarter growth in the December period, and demand looks to be very strong in 2018.
Skyworks Will Be Just Fine
“The growth of Chinese OEMs in the export market will almost certainly lead to content, share and unit gains for Skyworks. That will not only propel the top-line, but a higher mix of complex modules and increased in-sourcing of filters should put the 53% gross margin target in striking distance by early 2019,” Snyder said.
Overall, despite this positive note, shares of Skyworks were trading down over 2 percent at $2.20 during Friday’s pre-market session.
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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.