Skyworks sinks as mobile demand faces short-term headwinds [Seeking Alpha]
Piper Sandler Companies (PIPR)
Last piper sandler companies earnings: 5/1 08:04 am
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Source: Seeking Alpha
Although the quarter ended in March fell mostly in line with market expectations, the guide for the June quarter slightly missed the mark. "Notably, SWKS is undergoing headwinds in mobile demand which we think is short term in nature," said Piper Sandler analysts Harsh Kumar and Robert Aguanno. "Additionally, the mobile business is being impacted by share movement as well as downward pressure in units in the near term." Piper Sandler believes the excess inventory in mobile parts will be corrected by the end of the June quarter. It assigned Skyworks a rating of Neutral and lowered its price target to $95 from $105. Oppenheimer also pointed to lower demand in the mobile market as a concern as Skyworks is a major supplier to Apple ( AAPL ), which has seen rival smartphones bite into its market share. "Reduced content combined with iPhone units expected down more than 5% this year paves a bumpy road to 2024 growth," said Oppenheimer's Rick Schafer, Dustin Fowler and Wei Mok, in a
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PIPR
Earnings
- 4/29/24 - Beat
PIPR
Sec Filings
- 5/7/24 - Form 4
- 5/7/24 - Form 10-Q
- 5/6/24 - Form 144
- PIPR's page on the SEC website