Chipmaker Skyworks falls on dour Q1 forecast, PT cuts

Skyworks Solutions

13/11/2024 10:42

** Shares of chip firm Skyworks Solutions  SWKS.O  fall 5.7% to
$82.12 premarket
** SWKS forecast Q1 results below estimates on weak demand from
automotive and industrial clients late on Tuesday 
    ** Expects Q1 rev to be between $1.05 bln and $1.08 bln vs
analysts' average estimate of $1.10 bln - LSEG
    ** Estimates Q1 adj. profit of $1.57/share vs estimate of
$1.72/share
    ** At least two brokerages cut PTs  
    ** Eight of 30 brokerages rate the stock "buy" or higher, 19
"hold" and 3 "sell" or lower; their median PT is $105
    ** Up to last close, stock down ~23% YTD

(Reporting by Priyanka.G in Bengaluru)
((mailto:priyanka.g@thomsonreuters.com;))