Skyworks price target lowered to $95 from $105 at Piper Sandler

Piper Sandler lowered the firm’s price target on Skyworks to $95 from $105 and keeps a Neutral rating on the shares. Skyworks reported a mixed quarter, slightly beating Street expectations for March but missing expectations on guidance, the analyst tells investors in a research note. The company is undergoing headwinds in mobile demand, which is likely short-term, and its mobile business is being impacted by share movement as well as downward pressure in units in the near-term. Piper thinks the majority of the excess inventory correction in mobile will be done by the end of the June quarter.