Apple suppliers lifted by iPhone maker's better than expected outlook

Apple's (AAPL) quarterly results and guidance may have come as a breath of fresh air for several of the tech giant's suppliers, which are on the rise today. From all the companies potentially impacted by the iPhone maker's results in the near-term, Oppenheimer sees Broadcom (AVGO), Skyworks (SWKS) and Cirrus Logic (CRUS) as the best positioned to grow. POSITIVE FOR SUPPLIER CHAIN: Oppenheimer believes Apple's third quarter results and guidance will be viewed as positive for its "beaten down" supply chain, which should experience some relief near-term. The research firm names Broadcom, Skyworks and Cirrus Logic as its top three picks within Apple's supply chain, noting that suppliers with sustained content increase opportunities are best positioned to grow in a "flattening" iPhone unit market. With second quarter iPhone units above expectations, the analyst points out that Skyworks has about 20% higher content in IPhone 6S than in IPhone 6, while Broadcom sees a more modest 5% average gain. Cirrus Logic is also a content winner, he added, with all three names expected to see 20%-40% gains in the upcoming iPhone 7. Oppenheimer has an Outperform rating on Broadcom, Skyworks and Cirrus Logic's shares, and a Perform rating on Apple's stock. BREATHING ROOM: In a separate note to investors, Craig-Hallum analyst Tony Stoss also forecasted positive read through for Apple's suppliers following the tech giant's report last night. Stoss told investors he thinks Qorvo (QRVO) is best positioned to benefit from "strong" iPhone SE demand as he believes the company had about 35% content growth in that lower-cost model compared to the iPhone 6S. Moreover, the analyst sees the "solid" quarterly results posted by Apple as creating some "breathing room" for its suppliers who have been under pressure due to expectations for weaker iPhone sales. Stoss has a Buy rating on the shares of Skyworks, Qorvo and Broadcom. APPLE RESULTS: Last night, Apple reported third quarter earnings per share of $1.42 and revenue of $42.4B, above consensus of $1.38 and $42.09B, respectively. The tech giant also forecast fourth quarter revenue of $45.5B-$47.5B, with consensus at $45.71B prior to the report. Furthermore, the company reported third quarter iPhone units of 40.4M, iPad units of 9.95M and Mac units of 4.25M. PRICE ACTION: In early afternoon trading, shares of Qorvo have gained about 4%, while Cirrus Logic's stock rose about 1%. Also higher were Skyworks and Broadcom, which have each gained about 1%. Meanwhile, Apple's stock has jumped about 6.5% to $103 per share.