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

KeyBanc analyst John Vinh raised the firm’s price target on Skyworks (SWKS) to $130 from $120 and keeps an Overweight rating on the shares. The firm notes Skyworks reported in-line Q1 results and guided Q2 lower, with stable Apple (AAPL) iPhone demand offset by continued weakness in Android smartphones and Broad Markets. The company indicates March is likely the bottom and expects modest sequential growth in Q3, but a more meaningful recovery in the second half of the year following the normalization of channel inventories, KeyBanc adds. The firm is "encouraged" with these results, which were largely in line with expectations, given indications of a bottom, and sees increasingly favorable risk/reward.