Skyworks Solutions' (NASDAQ:SWKS) stock price fell 4% after the company released its fiscal 2021 fourth-quarter results on Nov. 4. Investors were unimpressed by the chipmaker's guidance for the current quarter, which indicates that its days of rapid growth may be over.

However, savvy investors shouldn't forget that Skyworks is sitting on secular catalysts and has a strong client base that could help it take advantage of hot tech trends. That's probably the reason why the stock carries an average price target of $208 -- 27% above its current stock price. What's more, the highest analyst price target of $255 points toward a 56% upside from current levels of around $163.

Let's see why Skyworks can hit those price targets.

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Skyworks Solutions delivers terrific growth

Skyworks recorded  37% year-over-year growth in the fourth quarter of fiscal 2021, delivering record revenue of $1.31 billion. The company's non-GAAP earnings shot up 42% over the prior-year period to $2.62 per share last quarter. Skyworks' revenue increased 52% to $5.1 billion for the full year, while adjusted earnings increased 71% to $10.50 per share.

Skyworks' terrific growth was driven by booming demand for 5G smartphones, as well as the growing application of its chips in other areas such as the Internet of Things, industrial applications, automotive, and even gaming -- which together form the company's broad markets business segment.

The mobile business produced 71% of Skyworks' revenue last quarter and recorded 40% year-over-year growth. Skyworks pointed out that its chips are "powering the latest launches at leading Tier 1 smartphone [original equipment manufacturers (OEMs)] supporting more than 20 platforms." Such impressive growth in the mobile business isn't surprising, as Skyworks gets most of its revenue from Apple (NASDAQ:AAPL).

The iPhone maker produced 59% of Skyworks' revenue in fiscal 2021. Not surprisingly, Apple's growth in the 5G era has rubbed off positively on the chipmaker. Apple reportedly shipped 50.4 million iPhones in the third quarter of 2021 as per IDC's estimates, up nearly 21% from the year-ago period.

Meanwhile, initial demand for the iPhone 13 seems to have outpaced last year's iPhone 12, as the preorders indicate. That's great news for Skyworks, as its chips are being used by Apple in the iPhone 13. More importantly, the chipmaker is making more money from each unit of the iPhone 13 compared to last year's devices, as pointed out by CFO Kris Sennesael on the latest earnings conference call.

However, supply chain disruptions and chip shortages are going to weigh on Apple's sales in the current quarter. Third-party reports indicate that Apple may be forced to cut iPhone 13 production by 10 million units this year, which seems to be the reason why Skyworks issued lukewarm guidance.

Skyworks anticipates adjusted earnings of $3.10 per share this quarter on revenue of $1.5 billion at the midpoint of its guidance range. That's lower than the year-ago period's earnings of $3.36 per share and revenue of $1.51 billion. This doesn't paint a good picture, as it points toward a decline in Skyworks' growth. Investors, however, need to look beyond the near-term guidance.

The short-term guidance shouldn't worry you

One of the reasons Skyworks' fiscal 2022 Q1 revenue and earnings growth won't be as strong as last quarter is because of tough year-over-year comparisons. Investors should remember that Apple's iPhone 12 launch was delayed last year, with the device going on sale in mid-October of 2020 on account of COVID-19. The iPhone 13 went on sale in mid-September of this year, a month earlier when compared to the iPhone 12's release last year.

This was probably the reason why Apple purchased more iPhone components in the December quarter of 2020 when the iPhone 12 was officially launched. As a result, Skyworks' fiscal 2021 Q1 revenue for the three months ending on Jan. 1, 2021, jumped a whopping 69% year-over-year as Apple ramped up production of the device. For comparison, Skyworks reported just 16% year-over-year growth in the fourth quarter of fiscal 2020 when Apple had yet to launch the iPhone 12.

So Skyworks' year-over-year readings may not look attractive when it releases its fiscal Q1 report in January, but investors need not worry about that, for the reasons discussed above. More importantly, Skyworks' relationship with Apple should reap rich rewards for the chipmaker in the long run, as the iPhone has become a dominant force in the 5G smartphone era.

Strategy Analytics points out that Apple was the top-selling 5G smartphone OEM (original equipment manufacturer) in the third quarter of 2021 with a 26% market share. It is worth noting that Apple has held the top spot in 5G smartphones since the fourth quarter of 2020 when the company launched its first 5G device.

Strategy Analytics estimates that the installed base of 5G smartphones could increase from an estimated 800 million this year to three billion in 2026. If Apple holds on to its share of the 5G smartphone market -- which it seems capable of doing thanks to a sizable installed base -- its iPhone shipments could continue to increase at a nice pace. In fact, Strategy Analytics estimates that Apple could capture 40% of the 5G smartphone market thanks to the iPhone 13.

Buying Skyworks stock right now looks like a smart move

The bright prospects of Skyworks' largest customer should boost its revenue and earnings in the long run, which is why investors should consider taking advantage of the stock's dip. Skyworks is now trading at just 18 times trailing earnings and 14 times forward earnings. Skyworks' multiples are cheaper than the S&P 500's earnings multiple of 29, which makes buying this tech stock a no-brainer right now considering the impressive growth it has been delivering so far and looks capable of sustaining in the long run.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.