Analysts lift targets on Skyworks, shares rise
(Reuters) - Three brokerages raised their price targets on cellphone chipmaker Skyworks Solutions Inc (SWKS.O), citing its growing market share and strong growth.
Shares of the company were up 11 percent at $29.75, more than a year high, in morning trade on Thursday on the Nasdaq.
On Wednesday, Skyworks, which makes chips that enable cellphones to connect to mobile networks, posted third-quarter results above analysts' expectations, helped by higher demand for smartphones and tablets.
Sterne Agee said Skyworks remains well positioned as its market share stabilizes on Samsung Electronic's (005930.KS) Galaxy S3 and Apple Inc's APPL.O upcoming iPhone5.
The brokerage expects Skyworks to also benefit from 3G and 4G upgrades in the handset market.
Sterne Agee upgraded the stock to a "buy" with a price target of $31. Skyworks shares closed at $26.64 on Wednesday on the Nasdaq.
ThinkEquity raised its price target on the company's stock by $5 to $36 and maintained its "buy" rating on the stock.
Skyworks is successfully executing on key mergers by driving growth through cross-selling, the brokerage said.
Canaccord Genuity too raised its target on Skyworks stock by $1 to $34, saying it is gaining share among leading handset makers while eating away at its competitors' shares.
Skyworks' competitors include RF Micro Devices (RFMD.O), Anadigics (ANAD.O) and Triquint Semiconductor.
(Reporting by Shubham Singhal in Bangalore; Editing by Sreejiraj Eluvangal)
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