NEW YORK (TheStreet) -- Skyworks Solutions (SWKS) - Get Report stock is advancing by 3.48% to $64.30 in early afternoon trading on Thursday, before the company reports its fiscal 2016 first quarter financial results after the market close today.

Analysts surveyed by Thomson Reuters expect the company to earn $1.58 per share on revenue of $919.9 million for the quarter.

Last year, the chipmaker reported adjusted earnings of $1.26 per share on revenue of $806 million for the fiscal 2015 first quarter. 

The company will likely benefit from Apple's (AAPL) disappointing earnings results, according to Pacific Crest. 

Weak results and guidance from Apple would allow expectations for iPhone sales to be reset and for investors to shift their attention to the upcoming iPhone 7, the firm wrote earlier this week, Barron's reported.

Skyworks and rival Apple supplier Cirrus Logic (CRUS) are poised to benefit from content growth in the upcoming iPhone 7, Pacific Crest argued. Skyworks in particular should benefit from carrier aggregation that is expected to drive another 15% or more in radio frequency content growth.

Indeed, Cirrus Logic stock is skyrocketing about 16% after an earnings beat, while Apple stock was hammered yesterday on downbeat guidance.

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Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B+.

Skyworks' strengths such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and good cash flow from operations outweigh the fact that the company has had lackluster performance in the stock itself.

You can view the full analysis from the report here: SWKS

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.

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