Skyworks upgraded to Overweight from Equal Weight at Barclays

Barclays analyst Tom O’Malley upgraded Skyworks (SWKS) to Overweight from Equal Weight with a price target of $70, up from $60. The firm believes Apple’s pushed out lower-end phone launch timing creates a “buy the cut event.” Skyworks faces positive catalysts from the foldable iPhones, an iPhone 20 anniversary cycle that is likely to closely follow, and potential content upgrades if Apple phones move onto a common internal modem platform, the analyst tells investors in a research note.