Company Update (NASDAQ:QRVO): Qorvo Inc Announces Proposed $1 Billion Senior Notes Offering
Qorvo Inc (NASDAQ:QRVO), a leading provider of core technologies and RF solutions for mobile, infrastructure and aerospace/defense applications, today announced that it proposes to offer, subject to market conditions and other factors, $1 billion aggregate principal amount of senior notes due 2023 and 2025 (the “Notes”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to certain non-U.S. persons in accordance with Regulation S under the Securities Act.Qorvo expects to use the net proceeds of the offering for general corporate purposes, including share repurchases and repayment of any amounts outstanding under its revolving credit facility. The Notes will be senior unsecured obligations ofQorvo and will be initially guaranteed, jointly and severally, by each of Qorvo’s existing and future direct and indirect wholly-owned U.S. subsidiaries that guarantee Qorvo’s obligations under its revolving credit facility. (Original Source)
Shares of Qorvo are up 13.91% to $51.35 in after-hours trading. 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 $46.48 and its 200-day moving average is $64.27.
On the ratings front, Qorvo has been the subject of a number of recent research reports. In a report released today, Brean Murray Carret analyst Mike Burton maintained a Buy rating on QRVO, with a price target of $70, which represents a potential upside of 55.3% from where the stock is currently trading. Separately, on October 13, Barclays’ Blayne Curtis maintained a Hold rating on the stock and has a price target of $50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mike Burton and Blayne Curtis have a total average return of 9.8% and 7.2% respectively. Burton has a success rate of 55.2% and is ranked #430 out of 3827 analysts, while Curtis has a success rate of 62.5% and is ranked #609.
Overall, 3 research analysts have assigned a Hold rating and 3 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 $62.80 which is 39.3% above where the stock closed yesterday.
Qorvo Inc is a provider of technologies and RF solutions for mobile, infrastructure and aerospace/defense applications.