Why Skyworks Solutions Stock Climbed Higher Today
Shares of Skyworks Solutions (NASDAQ: SWKS) have climbed higher today, up by 6% as of 3:30 p.m. EST, after getting a price-target boost from a Wall Street analyst. Raymond James analyst Chris Caso reiterated an outperform rating on the stock while increasing his price target from $170 to $175, which represents approximately 15% upside from Friday's closing price.
Additional details regarding the research note were not immediately available, but investors and analysts have become increasingly bullish on Apple's iPhone sales over the holidays following various data points and research estimates. The Cupertino tech giant is Skyworks' largest customer, representing 56% of revenue last fiscal year, making Skyworks a favorite Apple supplier play among investors looking to additional ways to invest in the iPhone.
Image source: Apple.
Source Fool.com
