Piper Jaffray maintained an "outperform" rating and raised estimates on Skyworks Solutions (SWKS), seeing solid second-half performance. "Recent datapoints, which include our monthly channel checks suggesting strong Motorola (MOT) RAZR sell-through trends, discontinuation of zero-margin Conexant (CNXT) business leading to better long-term margins, and a cash-flow positive litigation settlement with Qualcomm (QCOM), suggest Skyworks remains well-positioned to grow revenue and improve its gross margins over the next several quarters," the research firm reasoned. Piper Jaffray raised the fiscal 2005 revenue estimate to $805.9 million from $803.9 million, but kept the earnings-per-share estimate at 30 cents. The firm raised the fiscal 2006 estimate to earnings of 38 cents per share on revenue of $852.1 million, up from earnings of 31 cents on revenue of $836.5 million. The research firm also lifted the stock's price target to $10 from $8. "We believe this is reasonable for a company poised to post solid calendar second half 2005 revenue growth, improved margin structure, faster growth than most competitors, and share gains of mobile handset content."
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