Qorvo Inc (NASDAQ:QRVO), a leading provider of core technologies and RF solutions for mobile, infrastructure and aerospace/defense applications, today announced the pricing of its offering of $1 billion in aggregate principal amount of its senior notes maturing in 2023 and 2025 (the “Notes”). The $450 million of 2023 Notes and $550 million of 2025 Notes will pay interest semi-annually at a rate of 6.75% and 7.00%, respectively. The 2023 and 2025 Notes will mature on December 1, 2023, and December 1, 2025, respectively, unless earlier redeemed in accordance with their terms. Qorvo expects to close the sale of the Notes on or about November 19, 2015, subject to the satisfaction of customary closing conditions. (Original Source)
Shares of Qorvo closed today flat. QRVO has a 1-year high of $88.35 and a 1-year low of $42.24. The stock’s 50-day moving average is $47.08 and its 200-day moving average is $63.48.
On the ratings front, Qorvo has been the subject of a number of recent research reports. In a report issued on November 6, Brean Murray Carret analyst Mike Burton maintained a Buy rating on QRVO, with a price target of $70, which represents a potential upside of 37.3% from where the stock is currently trading. Separately, on the same day, Needham’s Quinn Bolton reiterated a Buy rating on the stock and has a price target of $64.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mike Burton and Quinn Bolton have a total average return of 10.0% and 19.3% respectively. Burton has a success rate of 55.1% and is ranked #370 out of 3842 analysts, while Bolton has a success rate of 62.6% and is ranked #48.
Overall, 3 research analysts have assigned a Hold rating and 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $63.50 which is 24.5% above where the stock opened today.
Qorvo Inc is a provider of technologies and RF solutions for mobile, infrastructure and aerospace/defense applications.
