Canaccord Reiterates Buy On Qorvo Inc Following Meeting With Management At The Mobile World Congress
In a report released today, Canaccord Genuity analyst Michael Walkley reiterated a Buy rating on Qorvo Inc (NASDAQ:QRVO) with an $81 price target, which implies an upside of 17% from current levels.
Walkley stated, “This morning at Mobile World Congress, we met with Qorvo management, and they highlighted strong market growth trends for the RF market. Management also highlighted the increasing mix of integrated solution sales and how the announced RF Flex architecture complements the company’s RF Fusion solution. 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 industry-leading 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.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst QRVO has a total average return of 25.9% and a 72.7% success rate. Walkley has a -2.4% average return when recommending QRVO, and is ranked #4 out of 3492 analysts.