Benzinga | Jul 27, 2020 11:29AM EDT

Why Skyworks Solutions Is Trading Higher Today

Skyworks Solutions (NASDAQ:SWKS) shares are trading higher on Monday amid strength in the tech sector. Citigroup analysts raised their price target on the stock from $102 to $126.

Skyworks Solutions produces semiconductors for wireless handsets and other devices that are used to enable wireless connectivity. Its main products include power amplifiers, filters, switches, and integrated front-end modules that support wireless transmissions.

Skyworks' customers are mostly large smartphone manufacturers, but the firm also has a growing presence in nonhandset applications such as wireless routers, medical devices, and automobiles.

Skyworks Solutions shares were up 3.83% at $136.65 during the time of publication on Monday. The stock has a 52-week range between $139.88 and $67.90.