In a research report sent to investors, Canaccord Genuity analyst Michael Walkley maintained a Buy rating on Qorvo Inc (NASDAQ:QRVO) and slightly raised the price target to $81 (from $79), after the company reported strong fiscal third-quarter results and provided guidance slightly above Canaccord and consensus expectations.
Walkley noted, “We believe Qorvo has a broad RFIC portfolio for the mobile device market and is well positioned to benefit from strong secular RFIC TAM growth. Further, we believe the combined company has an industryleading non-handset related RFIC portfolio addressing the higher-margin defense & aerospace and networks infrastructure markets. Finally, we believe Qorvo can leverage significant cost synergies through consolidating fab facilities, optimizing R&D expenditures, and eliminating duplicate costs.”
Qorvo, Inc. provides technologies and radio frequency solutions for mobile, infrastructure, and aerospace/defense applications in the United States and internationally.