Apple Partners TriQuint & Skyworks Shine

NEW YORK ( TheStreet) -- Shares of Apple ( AAPL) iPhone and iPad partners Skyworks Solutions ( SWKS) and TriQuint ( TQNT) both look like increasingly attractive propositions for investors, according to analysts.

Canaccord Genuity initiated coverage of Skyworks with a buy rating and $33 price target on Friday, citing the component maker's growing share in the smartphone and Radio Frequency (RF) markets. The wireless semiconductor specialist makes products such as RF transceivers and power amplifiers for gadgets from the likes of Apple, Samsung and LG.

"We believe Skyworks has the broadest RFIC (Radio Frequency Integrated Circuits) customer base and is growing its overall RF content share in the smartphone market and adjacent wireless connectivity markets such as M2M (Machine-to-Machine) and WiFi," explained Canaccord analyst Mike Walkley, in a note released on Friday.

M2M technology could include wirelessly-connected patient monitoring systems in healthcare, or cars connected to the cloud for safety and entertainment services.

Canaccord said its channel checks indicate that Skyworks supplies most of the top-selling global smartphones, and the firm also predicts a boost from high-speed, next-generation networks such as 4G. "The growing mix of 3G and 4G smartphones will drive strong growth for the RFIC TAM (Total Addressable Market) and Skyworks' long-term earnings growth," added Walkley.

Shares of Skyworks, which is one of TheStreet's Breakout Stocks, have risen more than 65% this year. Earlier this month, JMP also raised its Skyworks estimates, after channel checks suggested higher growth.

Canaccord also initiated coverage of another Apple component supplier, TriQuint, on Friday, on the strength of its semiconductor offerings. "We believe TriQuint Semiconductor has a leading portfolio of RFIC solutions and is well positioned for long-term growth trends," explained Walkley.

The analyst firm has a hold rating and $6 price target on TriQuint.

Both Skyworks and TriQuint won coveted component slots in Apple's latest iPad, which was launched in March. Skyworks has a front-end module in the tablet, according to ifixit.com's teardown of the device. TriQuint also has a power amplifier module in the next-generation iPad, but this is one component less than the company had in the AT&T ( T) GSM version of the iPad 2.

Skyworks, however, had two power amplifier modules within the Verizon ( VZ) CDMA version of the iPad 2 and three transit modules in the AT&T iPad 2, according to ifixit.com.

TriQuint has two chips within the iPhone 4S. Skyworks also has a power amplifier inside Apple's latest iPhone, which was launched last October.

Skyworks shares rose 0.45% to $26.78 on Friday. The stock has gained more than 70% so far in 2012. Shares of TriQuint, which have risen more than 13% this year, were up 3.63% to $5.57.

-- Written by James Rogers in New York.

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