Twitter's Cheery Outlook; Price Target Cuts on CBS, Skyworks Solutions
In Tuesday's Analysts' Actions, Twitter's (TWTR) outlook seems cheery while CBS (CBS) and Skyworks Solutions (SWKS) have their price targets cut at one Wall Street firm. Twitter was upgraded to BUY from HOLD at Topeka Capital Markets Tuesday morning. Analysts approve Jack Dorsey as its permanent CEO. It appears that Twitter now has the potential to move forward. Another positive is the announcement that Adam Bain is its new Chief Operating Officer. He will help run the microblogging service as Dorsey juggles his CEO roles at two companies. The firm is keeping its $35 price target. Meanwhile, analysts at Topeka trimmed CBS' price target to $65 from $67. The reason for this is that $80 million of revenue will be moved out of its third quarter entertainment line, into its fourth quarter. This reflects the timing of its new streaming deal with Amazon (AMZN). The two recently announced the extension of their current content licensing agreement. The firm is still keeping its BUY rating on the stock. The same firm lowered Skyworks Solutions' price target to $100 from $120, citing near term uncertainty. But, analysts are keeping their BUY rating as the company announced plans to acquire semiconductor company PMC-Sierra (PMCS). The firm added that Skyworks is trying hard to achieve scale. TheStreet’s U-Jin Lee reports in New York.
