Canaccord analyst T. Michael Walkley raised his price target for Skyworks to $99 from $84 and maintained a Buy rating following the company's "solid" results and guidance. With the near-term weakness subsiding entering the second half of 2019 and the market absorbing excess smartphone inventory, Walkley tells investors in a research note that he believes the RF total addressable market for smartphones remains a stronger growth market than the semi market for the next several years due to more complex smartphone mix among Chinese OEMs, growing IoT opportunities, and the upcoming 5G market opportunity. He also believes Skyworks' diverse analog portfolio positions its Broad Market division for double-digit annual growth longer-term driven by content share in markets such as WiFi, wireless infrastructure, automotive, and the IoT markets.