Skyworks price target raised to $130 from $120 at Craig-Hallum

Craig-Hallum analyst Anthony Stoss raised the firm’s price target on Skyworks (SWKS) to $130 from $120 and keeps a Buy rating on the shares. The firm continues to think Skyworks is a good way to play the connectivity and IOT market. The company had a weak guide as expected, though Skyworks expects the March quarter to be the low. Largest customer Apple (AAPL) orders impacting the guide, while Auto remained solid, Craig-Hallum says. Skyworks expects the bounce back in Android phones in the second half of 2023. The firm would advise investors to pick their spots and buy on pullbacks. Craig-Hallum believes in a normal environment Skyworks should earn $10-$12 per share.