Skyworks price target lowered to $85 from $95 at Piper Sandler

Piper Sandler lowered the firm’s price target on Skyworks (SWKS) to $85 from $95 and keeps a Neutral rating on the shares. The firm notes the company reported September quarter results which were slightly ahead, while guidance for December came up short versus Street expectations. Broad markets weakness was cited as the primary reason for the miss due to pockets of channel inventory in certain subsegments, namely auto and industrial.