These Analysts Slash Price Targets On Skyworks Solutions Following Downbeat Q2 Earnings

Skyworks Solutions, Inc. SWKS reported downbeat earnings for its second quarter and issued weak sales forecast for the current quarter.

Skyworks reported adjusted EPS of $2.02, missing estimates of $2.03 per share. However, the company's sales for the quarter came in at $1.15 billion against analyst estimates of $1.15 billion.

Skyworks provided guidance for the third quarter, with revenue expected to be $1.05 billion to $1.09 billion, lower than the analyst estimates of $1.15 billion. The company expects adjusted EPS to be $1.67 at the midpoint of the revenue range, much lower than the consensus of $2.08.

Skyworks shares dropped 9.8% to $94.91 in today’s pre-market trading.

These analysts made changes to their price targets on Skyworks after the company reported quarterly results.

• BMO Capital cut the price target on Skyworks from $140 to $100. BMO Capital analyst Ambrish Srivastava downgraded the stock from Outperform to Market Perform.
• Barclays lowered Skyworks price target from $125 to $115. Barclays analyst Blayne Curtis maintained an Overweight rating on the stock.
• Mizuho cut Skyworks price target from $135 to $125. Mizuho analyst Vijay Rakesh maintained a Buy rating on the stock.
• Baird lowered the price target on Skyworks from $110 to $100. Baird analyst Tristan Gerra maintained the stock with a Neutral.
• B of A Securities slashed Skyworks price target from $108 to $100. B of A Securities analyst Vivek Arya maintained the stock with an Underperform.
• Needham cut Skyworks price target from $140 to $130. Needham analyst Rajvindra Gill maintained the stock with a Buy rating.
• TD Cowen reduced Skyworks price target from $135 to $125. TD Cowen analyst Matthew Ramsay maintained an Outperform rating on the stock.
• Rosenblatt lowered price target on the stock from $160 to $150. Rosenblatt analyst Kevin Cassidy maintained Skyworks with a Buy.
• Stifel cut the price target on the stock from $150 to $130. Stifel analyst Ruben Roy maintained Skyworks with a Buy.
• Susquehanna lowered Skyworks price target from $130 to $125. Susquehanna analyst Christopher Rolland maintained a Positive rating on the stock.
• Morgan Stanley reduced Skyworks price target from $114 to $104. Morgan Stanley analyst Joseph Moore maintained the stock with an Equal-Weight.

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