Benzinga - Skyworks Solutions, Inc. (NASDAQ: SWKS) reported downbeat earnings for its second quarter and issued weak sales forecast for the current quarter.
Skyworks reported adjusted EPS of $2.02, missing estimates of $2.03 per share. However, the company's sales for the quarter came in at $1.15 billion against analyst estimates of $1.15 billion.
Skyworks provided guidance for the third quarter, with revenue expected to be $1.05 billion to $1.09 billion, lower than the analyst estimates of $1.15 billion. The company expects adjusted EPS to be $1.67 at the midpoint of the revenue range, much lower than the consensus of $2.08.
Skyworks shares dropped 9.8% to $94.91 in today’s pre-market trading.
These analysts made changes to their price targets on Skyworks after the company reported quarterly results.
- BMO Capital cut the price target on Skyworks from $140 to $100. BMO Capital analyst Ambrish Srivastava downgraded the stock from Outperform to Market Perform.
- Barclays lowered Skyworks price target from $125 to $115. Barclays analyst Blayne Curtis maintained an Overweight rating on the stock.
- Mizuho cut Skyworks price target from $135 to $125. Mizuho analyst Vijay Rakesh maintained a Buy rating on the stock.
- Baird lowered the price target on Skyworks from $110 to $100. Baird analyst Tristan Gerra maintained the stock with a Neutral.
- B of A Securities slashed Skyworks price target from $108 to $100. B of A Securities analyst Vivek Arya maintained the stock with an Underperform.
- Needham cut Skyworks price target from $140 to $130. Needham analyst Rajvindra Gill maintained the stock with a Buy rating.
- TD Cowen reduced Skyworks price target from $135 to $125. TD Cowen analyst Matthew Ramsay maintained an Outperform rating on the stock.
- Rosenblatt lowered price target on the stock from $160 to $150. Rosenblatt analyst Kevin Cassidy maintained Skyworks with a Buy.
- Stifel cut the price target on the stock from $150 to $130. Stifel analyst Ruben Roy maintained Skyworks with a Buy.
- Susquehanna lowered Skyworks price target from $130 to $125. Susquehanna analyst Christopher Rolland maintained a Positive rating on the stock.
- Morgan Stanley reduced Skyworks price target from $114 to $104. Morgan Stanley analyst Joseph Moore maintained the stock with an Equal-Weight.
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