Piper Jaffray analyst Harsh Kumar recommends using the pullback in shares of Skyworks Solutions (SWKS) on concerns over iPhone X demand as a buying opportunity. Despite “noise” of supply chain cuts, channel checks continue to indicate that the Apple (AAPL) supply chain is still working hard to meet demand, Kumar tells investors in a research note.
He is not aware of specific supply chain cuts and remains “very comfortable” with Skyworks’ Street estimates for the December and the March quarters. The overall impact from consumers choosing the iPhone 7 over the iPhone X is relatively minor compared to Skyworks’ overall revenue stream, Kumar writes.
He keeps an Overweight rating on the shares with a $115 price target. Skyworks closed yesterday down 2%, or $1.87, to $95.20.
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