Qrovo: No Rush To Enter

2026-02-24 10:00:04 ET

We last covered Qorvo, Inc. ( QRVO ) in late November, after news of its merger with Skyworks ( SWKS ) and the Q2 FY26 print. The stock has been relatively flat since we initiated with a hold rating, citing our belief that the merger wasn’t going to provide an overnight fix and the issues weighing on both companies’ financial performance (mainly heavy dependency on Apple ( AAPL ) as the latter moves in-house) would still spell trouble in H1 2026. The hold has played out well thus far; QRVO stock is down about 5% YTD versus the S&P 500, up by 1%. QRVO’s Q3 FY26 print , which came out about a month ago, confirms our thesis of higher risks due to the stitch with Apple and share pressure on the Android front. Hence, heading into Q2, we maintain a hold on QRVO. We believe the stock could see a breakout moment down the line as it merges with Skyworks, but we don't see a one-reverse card in the books for 2026....

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