TECH - Qorvo's Strategic Wins with Apple and China's Android Stability - Still Analysts Lower Price Targets After Q2 | Benzinga
Raymond James analyst Srini Pajjuri maintained Qorvo Inc (NASDAQ: QRVO) with an Outperform and lowered the price target from $125 to $105.
QRVO reported a solid upside to the September quarter, and its December quarter outlook was also better.
Margins are recovering (despite some lumpiness), and the analyst expects FCF to improve meaningfully in the coming quarters.
While commentary implies that March quarter revenue is tracking below consensus, the analyst attributes it mainly to cyclical factors and conservatism.
QRVO is benefiting from significant content gains in iPhone 15 (likely up 40-50% Y/Y), and management sounded optimistic about additional content opportunities at Apple Inc (NASDAQ: AAPL) in the extended term.
China's Android market is stabilizing after a multi-quarter inventory correction, and the company ...