Skyworks price target lowered to $100 from $120 at UBS

UBS analyst Timothy Arcuri lowered the firm’s price target on Skyworks to $100 from $120 and keeps a Neutral rating on the shares. Results were in line, though guidance was weaker than expected, mostly due to Broad Markets, as the exposure there tends to still also skew to consumer as macro worsens, the analyst tells investors in a research note. Skyworks is a big cash flow generator and the least exposed to the domestic China internalization and content threat, but it needs to continue to diversify the business to drive more excitement on lower estimates, UBS says.