These Analysts Slash Their Forecasts On Skyworks Solutions After Weak Forecast

Skyworks Solutions Inc SWKS, on Thursday, reported upbeat earnings for its fourth quarter, but issued weak revenue forecast for its fiscal first quarter.

Revenue came in at $1.219 billion, beating estimates of $1.216 billion. The company posted earnings of $2.20 per share, topping expectations of $2.10 per share.

Skyworks said sees fiscal first-quarter revenue in the range of $1.175 billion to $1.225 billion versus estimates of $1.29 billion. The company expects adjusted earnings of $1.95 in the first quarter.

Skyworks shares gained 1.2% to trade at $90.53 on Friday.

These analysts made changes to their price targets on Skyworks following earnings announcement.

• Keybanc lowered the price target on Skyworks from $130 to $120. Keybanc analyst John Vinh maintained an Overweight rating.
• Morgan Stanley cut the price target on Skyworks from $112 to $95. Morgan Stanley analyst Joseph Moore maintained an Equal-Weight rating.
• Susquehanna cut the price target on Skyworks from $115 to $110. Susquehanna analyst Christopher Rolland maintained a Positive rating.

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