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Skyworks Stock: 5G Prospects Are Enhancing Bullish Sentiments

Skyworks Stock

Skyworks (NASDAQ: SWKS) stock price rallied more than 40% in the last six months, extending the twelve months surge to 80%. SWKS share price rally is supported by improving fundamentals for the semiconductor industry. In addition, the growth in financial numbers along with investor’s confidence in 5G prospects are adding to bullish sentiments.

Skyworks stock price also received support from stronger than expected results for the first quarter. In addition, the company has lifted guidance for the full year. Analysts are expecting SWKS share price to accelerate the momentum in the following quarters. Moreover, the company’s cash returns are safe due to strong financial growth.

SWKS Skyworks Solutions, Inc. daily Stock Chart

Q1 Beat Added to Skyworks Stock Bullish Sentiments 

The company topped first-quarter revenue and earnings estimates by $14 million and $0.02 per share. Its Q1 revenue of $896 million rose by 8% from the previous quarter. The quarter over quarter growth indicates strengthening demand for Semiconductor Company.

Liam K. Griffin, president, and chief executive officer of Skyworks. “Leveraging decades of experience, manufacturing scale and vertical integration capabilities, our highly advanced Sky5® platform is fueling market adoption of 5G across a broadening customer set.”

The company reported a positive operating income of $277.3 million in the first quarter and its diluted earnings per share came in at $1.50.

The company expects the second fiscal quarter revenue in the range of $800 and $820 million. The diluted earnings per share are likely to stand around $1.46. The company forecasts positive cash flows, which will enhance its investment potential in the coming days.

Analysts are Predicting More Upside

Mizuho Securities recently lifted Skyworks Solutions’ stock rating to Buy from Neutral, citing meaningful upside due to tailwinds for 5G growth. Its analyst predicts a rebound in financial numbers for SKWS this year, thanks to its move towards 5G. Bank of America has also presented a similar stance for Skyworks after raising the price target. Overall, buying and holding Skyworks stock looks like a good investment strategy in the analyst’s view.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.