Skyworks price target raised to $105 from $90 at Piper Sandler

Piper Sandler raised the firm’s price target on Skyworks to $105 from $90 and keeps a Neutral rating on the shares. The firm notes the company slightly beat September quarter expectations and issued March guidance that was in-line with consensus expectations. Management called for stabilization in the Android market as the supply and demand dynamics have normalized into the year. Additionally, management also called the bottom for its broad markets portfolio following an 18% sequential decline in the December quarter. All in all, Piper feels that current valuation levels are pricing in the implied growth for the 2024 year, and for that reasoning it remains on the sidelines.