What happened
Shares of Skyworks Solutions (SWKS 1.81%) have climbed higher today, up by 6% as of 3:30 p.m. EST, after getting a price-target boost from a Wall Street analyst. Raymond James analyst Chris Caso reiterated an outperform rating on the stock while increasing his price target from $170 to $175, which represents approximately 15% upside from Friday's closing price.
So what
Additional details regarding the research note were not immediately available, but investors and analysts have become increasingly bullish on Apple's iPhone sales over the holidays following various data points and research estimates. The Cupertino tech giant is Skyworks' largest customer, representing 56% of revenue last fiscal year, making Skyworks a favorite Apple supplier play among investors looking to additional ways to invest in the iPhone.
Image source: Apple.
About a month ago, Counterpoint Research released estimates that suggested that the iPhone 12 quickly became the No. 1 5G smartphone in the world after launching in the fall. Shortly after that report, Wedbush analyst Dan Ives put out a research note estimating that iPhone 12 sales topped even its most bullish forecasts. Based on supply-chain checks, Apple's manufacturing partners may have produced 90 million to 95 million iPhones in the fourth quarter, according to Wedbush.
Now what
Skyworks is scheduled to report fiscal first-quarter results on Jan. 28. The company's guidance calls for revenue of $1.04 billion to $1.07 billion and adjusted earnings per share of $2.06. Analysts are looking for $1.05 billion in sales and $2.08 per share in adjusted profits.
