Zacks Investment Research downgraded shares of SKYWORKS SOLUTIONS, INC. (SWKS) from OUTPERFORM to NEUTRAL on August 03, 2012, with a target price of $29.00.
Skyworks continues to weather the turbulent economic conditions well. The company has strategically positioned itself as a diversified company. The global megatrends of mobile computing and ubiquitous connectivity continue to be growth engines for Skyworks. Skyworks continues to benefit from strong underlying demand in the mobile Internet market driven by market share gains and new product ramps. LTE shipments are expected to grow by leaps and bounds in 2012. Management expects smartphone adoption to gain further traction in the developing countries in 2012. However, earnings estimates have been more or less static after the company reported third quarter results. Given the macroeconomic uncertainty, we downgrade our recommendation to Neutral from Outperform.
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