Susquehanna lowered the firm’s price target on Skyworks (SWKS) to $110 from $125 and keeps a Neutral rating on the shares. The firm previewed Q3 results for semiconductors and expects continued broad-based headwinds, particularly for Automotive and Industrial as momentum began to slow late summer. For PC, they expect notebook builds to be up for 2024 with slightly slower builds into year-end as AI PCs were not the driver most were hoping for. For Handsets, they forecast smartphone shipments to increase in 2024. For Data Center, recent server checks support a slightly stronger 2H24, driven in part by AMD/Genoa share gains. For A.I., checks remain solid, and expect hyperscaler capex revisions to support 2H and into next year.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SWKS:
- Buy/Sell: Wall Street’s top 10 stock calls this week
- Nike upgraded, PayPal downgraded: Wall Street’s top analyst calls
- Skyworks downgraded to Underweight from Equal Weight at Barclays
- Skyworks call volume above normal and directionally bullish
- KeyBanc sees September event as a modest negative for Apple, positive for Cirrus