Skyworks price target lowered to $120 from $130 at KeyBanc

KeyBanc lowered the firm’s price target on Skyworks to $120 from $130 and keeps an Overweight rating on the shares. Skyworks posted in-line Q4 results and guided Q1 lower, reflecting improving demand trends related to Android smartphones, though the company noted it continues to see excess inventory in the channel albeit improving and weak Broad Markets demand, which is also negatively impacting gross margins, the analyst tells investors in a research note.