Skyworks price target raised to $125 from $105 at Craig-Hallum

Craig-Hallum analyst Anthony Stoss raised the firm’s price target on Skyworks (SWKS) to $125 from $105 and keeps a Buy rating on the shares. The firm believes Skyworks is a good long-term way to play the connectivity and internet of things market as they navigate continued inventory headwinds, while generating strong free cash flow. Craig-Hallum notes Skyworks management seemed less confident on Apple (AAPL) content growth for the second half of 2024 vs. prior years. The firm believes this lack of confidence could give investors pause until they get more clarity on Skyworks’ position with Apple the second half of the year. Craig-Hallum continues to believe in the long-term positioning of the company as it navigates a weakened macro environment and advises investors to pick their spots as gross margins and EPS estimates remain depressed historically for 2024.