These Analysts Revise Their Forecasts On Skyworks Solutions Following Q3 Earnings

Skyworks Solutions Inc (NASDAQ: SWKS ) on Tuesday reported upbeat third-quarter financial results and issued weak fourth-quarter adjusted EPS guidance.

Skyworks Solutions reported quarterly earnings of $1.08 per share which beat the analyst consensus estimate of $1.01 per share.

The company reported quarterly sales of $934.800 million which beat the analyst consensus estimate of $920.280 million.

Skyworks Solutions sees fourth-quarter adjusted EPS of $1.27, versus market estimates of $1.28.

The company sees sales of $1.010 billion-$1.060 billion, versus estimates of $1.021 billion. “We delivered a solid quarter with revenue and earnings above expectations, reflecting consistent execution across the portfolio,” said Phil Brace, chief executive officer and president of Skyworks. “Mobile performed well on healthy demand, and Broad Markets delivered another quarter of year-over-year growth, led by double-digit gains in automotive and data center.

Skyworks Solutions shares fell 3.2% to trade at $62.55 on Wednesday.

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

RBC Capital analyst Srini Pajjuri maintained the stock with a Sector Perform and lowered the price target from $80 to $70.

Citigroup analyst Atif Malik maintained the stock with a Neutral and lowered the price target from $77 to $64.

UBS analyst Timothy Arcuri maintained the stock with a Neutral and raised the price target from $65 to $70.

Considering buying SWKS stock? Here’s what analysts think: Photo via Shutterstock