Qorvo (QRVO) Gets a Buy Rating from Needham

Needham analyst Quinn Bolton maintained a Buy rating on Qorvo (QRVO) today and set a price target of $78. The company’s shares opened today at $64.30, close to its 52-week low of $61.

Bolton commented:

“QRVO yesterday reduced F3Q19 guidance to $800MM- $840MM from $880MM-$900MM driven by recent demand changes for customers’ flagship smartphones. The company noted demand from China-based handset manufacturers remains measured and largely unchanged from prior expectations while demand for Industrial & Defense Products (IDP) continues to track within the range of the company’s prior expectations. On the heels of LITE reducing December revenue guidance by ~21% (driven by an ~33% reduction in 3D sensing revenue), we believe QRVO’s ~8% reduction in F3Q19 revenue guidance is better than feared. We are maintaining our Buy rating, but reducing our FY21 estimates as well as lowering our PT to $78, based on a 11x our CY20 NG EPS estimate, due to current weakness in the AAPL supply chain environment.”

According to TipRanks.com, Bolton is a 5-star analyst with an average return of 13.1% and a 61.4% success rate. Bolton covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings Inc, Sequans Communications S A, and Quantenna Communications.

Qorvo has an analyst consensus of Moderate Buy, with a price target consensus of $75.42, implying a 17.3% upside from current levels. In a report released yesterday, Canaccord Genuity also maintained a Buy rating on the stock with a $83 price target.

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The company has a one-year high of $86.84 and a one-year low of $61. Currently, Qorvo has an average volume of 1.32M.

Based on the recent corporate insider activity of 97 insiders, corporate insider sentiment is negative on the stock.

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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.