Dallas, Texas 04/25/2014 (FINANCIALSTRENDS) – Skyworks Solutions Inc (NASDAQ:SWKS) which is a $7.96 billion market capped integrated circuit and equipment manufacturer has seen a total of seven analyst firms and rating agencies affirm and upgrade the stock in the past two days. The upgrade has also been coupled with price targets increases.
The latest reiteration came from Northland Capital which has an outperform rating on the stock and increased the price target on the stock from previous rating on $40 to current $47. The highest price target on the stock has been provided by rating firm DA Davidson which has a buy rating on the stock and has set the highest price target of $50. Barclays which reiterated its Equal Weight rating on the stock has pegged the price target at $31 which forms the lowest price target estimate among the seven analysts which have covered the stock in the past two days. Oppenheimer, Brean Capital, Canaccord Genuity, Needham are the other rating firms which have commented on the stock in the past few days.
The upgrades come on the back of the company reported robust 2Q14 earnings update on 22nd April after markets closed for the day. It managed to post revenue of $481 million for the quarter, which represents a 13 percent increase in comparison to 2Q13. EPS came in at 62 cents for the quarter, which exceeded its own guidance of 59 cents and represented a overall increase of 29 percent. In order to pass on some of the profits to its share holders, the company declared a cash dividend of 11 cents per share.
Thanks to the huge build up in momentum, Skyworks Solutions Inc (NASDAQ:SWKS) has provided a solid guidance in the 3Q. Revenue is expected to come in at 4535 million and EPS is expected to come in at 73 cents.