MKM Partners Sticks to Its Buy Rating for Qorvo (QRVO)


MKM Partners analyst Ruben Roy reiterated a Buy rating on Qorvo (NASDAQ: QRVO) today and set a price target of $95. The company’s shares opened today at $79.

Roy observed:

“We reiterate our Buy rating and $95 price target on QRVO shares following better than expected June quarter results and a largely in line outlook. Mobile products recovered sequentially and year- over-year primarily due to better China related sales while IDP revenue, again, increased at a double- digit rate, year-over-year. The September quarter revenue outlook is largely in line with expectations while non-GAAP EPS is above the consensus estimate on lower interest expense and a lower tax rate. QRVO did adjust its CapEx forecast higher for fiscal 2019, targeting BAW and GaN investments ahead of anticipated future demand. We believe that management’s increased CapEx plan for fiscal 2019 indicates increased confidence with new products and customer engagements.”

According to TipRanks.com, Roy is a 4-star analyst with an average return of 10.4% and a 60.2% success rate. Roy covers the Consumer Goods sector, focusing on stocks such as Advanced Micro Devices, Skyworks Solutions, and Maxim Integrated.

Qorvo has an analyst consensus of Moderate Buy, with a price target consensus of $90.30, which is a 14.3% upside from current levels. In a report released yesterday, Canaccord Genuity also reiterated a Buy rating on the stock with a $90 price target.

.

See today’s analyst top recommended stocks >>

Based on Qorvo’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $29.99 million. In comparison, last year the company had a GAAP net loss of $30.62 million.

Based on the recent corporate insider activity of 89 insiders, corporate insider sentiment is negative on the stock. Most recently, in May 2018, Daniel Dileo, a Director at QRVO sold 1,625 shares for a total of $131,219.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Qorvo, Inc. engages in the provision of core technologies and radio frequency solutions for mobile, infrastructure, and aerospace or defense applications. It operates through the following segments: Mobile Products and Infrastructure & Defense Products.

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts