As previously reported, Piper Sandler upgraded Skyworks (SWKS) to Overweight from Neutral with a price target of $140, up from $70, following the announced merger with Qorvo (QRVO). The firm believes that this deal will redefine the RF landscape and position Skyworks to capitalize on scale, scope, mix, and pricing. Piper also sees opportunities in fab consolidation as well as improved utilization of fabs included in the estimated $500M-plus proposed cost savings, which are likely to be realized in 24 to 36 months, although it thinks these will be achieved sooner.
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Read More on SWKS:
- Cautious Outlook on Skyworks-Qorvo Merger: Limited Growth Potential and High Risks Justify Sell Rating
- Skyworks price target raised to $89 from $65 at Morgan Stanley
- Skyworks upgraded to Overweight from Neutral at Piper Sandler
- Skyworks upgraded to Overweight from Sector Weight at KeyBanc
- Skyworks upgraded to Equal Weight from Underweight at Barclays