Skyworks price target lowered to $100 from $110 at UBS

UBS lowered the firm’s price target on Skyworks (SWKS) to $100 from $110 and keeps a Neutral rating on the shares. Skyworks guided well below expectations on inventory digestion that appears largely specific to Apple (AAPL), though the overall smartphone market is still not very good, the analyst tells investors in a research note. The company also confirmed that blended iPhone content will be down again this next cycle due to what sounds like share gains by Qualcomm (QCOM) related to the extension of its modem supply agreement, which may prove to be a clearing of the decks around Apple content and UBS is optimistic these headwinds will start to lift as Apple starts to roll its own modem through the product line.