Why Skyworks Solutions Shares Gained 80.4% in 2019
Shares of communications chip designer Skyworks Solutions (NASDAQ: SWKS) rose 80.4% last year, according to data from S&P Global Market Intelligence. The first few months were a mixed bag for Skyworks, with nothing but blue skies ahead for this stock in the fall.
The hockey-stick moment for Skyworks occurred in early October when major customer Apple (NASDAQ: AAPL) was revealed to have boosted the production volume of its iPhone 11 smartphones. Skyworks' shares jumped 8% higher that day.
The momentum continued to build in mid-December as analyst firm Bank of America/Merrill Lynch upgraded the stock from underperform all the way to a buy. Merrill analyst Vivek Arya lifted his price target on the stock from $92 to $122 per share, citing the upcoming crush of 5G technologies that should drive "exponential" growth of 5G-capable component sales. That upgrade sparked a 17% rally over the next three weeks as investors and other analysts nodded along.
Source Fool.com
