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Why Skyworks Solutions Stock Fell Today

TheMotleyFool

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Shares of Skyworks Solutions (NASDAQ: SWKS) fell by as much as 5% today after the market opened broadly lower. A Wall Street firm boosted its price target on the stock last night, potentially helping it recover. As of 12:45 p.m. EST, shares were down less than 3%.

Rosenblatt Securities reiterated a buy rating on Skyworks stock while increasing its price target from $160 to $190, representing 16% upside from yesterday's closing price. Analyst Kevin Cassidy believes that the wireless chip specialist, which is benefiting from 5G technology adoption, can expand gross margin to above 51% as costs related to the COVID-19 pandemic start to subside.

Image source: Getty Images.

Source Fool.com

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