Brean Capital Raises Price Target On Skyworks Solutions As Diversification Leads Above-Seasonal March Q

In a report published Friday, Brean Capital analyst Mike Burton reiterated a Buy rating on

, and raised the price target from $70.00 to $92.00. In the report, Brean Capital noted, “Skyworks announced another beat-and-raise quarter with solid December results and increased March quarter guidance on mobile and non-mobile strength. The December quarter upside was predominately driven by the Integrated Solutions segment as Apple's iPhone 6/6+ ramped. Looking forward, we believe LTE growth in China and several new model ramps (Samsung Galaxy S6 amongst others to be unveiled in Barcelona… ) coupled with SWKS' less seasonal Broad Markets business is driving the better-than-seasonal guidance for the March quarter. We are increasing our estimates and target price from $70 to $92.” Skyworks Solutions closed on Thursday at $79.33.