Skyworks is one of several companies that will benefit from the iPhone upgrade cycle, which by most accounts will have enormous affect on Apple share price as well over the coming year. With nearly 300 million people eligible for an upgrade to the iPhone 6, and huge pent up demand, there’s no doubt this is going to be a monumental next 12 to 18 months for Apple share price.
Canaccord Genuity believes Skyworks (SWKS) is well positioned to benefit from the iPhone upgrade cycle, citing the compnay’s increased dollar content in the new iPhones. The firm noted Skyworks remains a key supplier to Apple (AAPL) as well as other Android phones. Canaccord reiterated its Buy rating on Skyworks and raised its price target on the stock to $64 from $62. SOURCE
Skyworks Solutions (NASDAQ:SWKS) last announced its earnings results on Thursday, July 17th. The company reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $80.00 by $79.17. The company had revenue of $587.00 million for the quarter, compared to the consensus estimate of $570.37 million. During the same quarter in the previous year, the company posted $0.54 earnings per share. The company’s revenue for the quarter was up 34.6% on a year-over-year basis. On average, analysts predict that Skyworks Solutions will post $3.13 earnings per share for the current fiscal year. SOURCE