Why Skyworks Solutions Stock Is Trading Higher Today

Skyworks Solutions Inc SWKS shares are trading higher Tuesday after the company reported fiscal first-quarter results and announced a buyback. Several analysts also raised price targets on the stock following the company's quarterly results.

• Q1 Revenue: $1.33 billion in line with estimates
• Q1 EPS: $2.59 missed estimates of $2.61

Skyworks highlighted record quarterly cash flow of $773.4 million in the first quarter. The company's board also authorized a buyback of up to $2 billion of its common stock from time to time through Feb. 1, 2025. 

"Moving forward, Skyworks is well positioned to navigate a challenging macro backdrop with its highly profitable business model, leading connectivity technologies and an expanding set of customers across many of the strongest market segments," said Liam Griffin, chairman, president and CEO of Skyworks.

Outlook: Skyworks expects fiscal second-quarter revenue to be between $1.125 billion and $1.175 billion versus estimates of $1.19 billion. The company sees second-quarter adjusted earnings of $2.02 per share at the midpoint versus estimates of $2.24 per share.

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Analyst Assessment: Multiple analysts raised price targets on Skyworks shares following the company's report. 

• Keybanc analyst John Vinh maintained Skyworks with an Overweight and raised the price target from $120 to $130.
• Piper Sandler analyst Harsh Kumar maintained Skyworks with an Overweight and raised the price target from $110 to $120.
• Needham analyst Rajvindra Gill maintained Skyworks with a Buy and raised the price target from $110 to $140.
• Credit Suisse analyst Chris Caso maintained Skyworks with an Outperform and raised the price target from $125 to $135.
• Susquehanna analyst Christopher Rolland maintained Skyworks with a Neutral and raised the price target from $95 to $110.
• Cowen & Co. analyst Matthew Ramsay maintained Skyworks with an Outperform and raised the price target from $120 to $135.

SWKS Price Action: Skyworks has a 52-week high of $145.82 and a 52-week low of $76.16. 

The stock was up 4.44% at $114.13 at the time of writing, according to Benzinga Pro.

Photo: Tom from Pixabay.