Ackerman’s $120 price target on Skyworks stock is well short of the average target of around $137.60 from 28 analysts covering the stock. The average rating on the stock is less bullish than on either Marvell or Micron, with half of analysts rating the shares at Buy or Strong Buy. Shares traded down by about 3.8% Tuesday morning, at around $99.65 in a 52-week range of $88.76 to $182.24.
Qorvo Inc. (NASDAQ: QRVO) receive a Neutral rating from Exane BNP. The company designs and makes chips for wireless (RF) and wired connectivity products. It operates in two divisions: Mobile Products and Infrastructure and Defense products. Ackerman’s rating is based on a continued slowdown in Android smartphone production in China.
Ackerman’s price target on the stock is $100, well below the average target of around $119.25. Of the 27 brokerages covering the company, just 10 have a Buy or Strong Buy rating, while 16 rate the stock at Hold. Shares traded down by about 5.5% Tuesday morning to around $88.30. The 52-week range is $87.05 to $183.55.
Hard drive maker Seagate Technology Holdings PLC (NASDAQ: STX) also received a Neutral rating. Ackerman expects Seagate’s earnings per share to rise to $8.60 more quickly than generally expected, based on projected demand for more hard-disk storage.
Ackerman is solidly in the majority camp that includes 16 of 25 analysts with a Hold rating on the stock, and his $70 price target is below the average target of $76.25. Another eight analysts have a Buy rating on the shares. The stock traded down about 3.3% on Tuesday to $66.47, in a 52-week range of $63.50 to $117.67.
Western Digital Corp. (NASDAQ: WDC) is the other big storage device maker. Unlike Seagate, Western Digital likely will be hit harder by the downturn in the flash storage business. Hard drive sales also are likely to decline year over year through the next couple of quarters. Ackerman thinks that the consensus earnings estimate is too high by about 40% and has given the company an Underperform rating with a price target of $30.
That price target is about half the average target of $59.00 from 27 brokerages covering the shares. Of those brokers, 15 have a Buy or Strong Buy rating. Western Digital stock traded down about 6.7% Tuesday morning to $40.38. The 52-week range is $40.13 to $69.36, and that low was posted last week.
Originally posted at 24/7 Wall St.
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