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Brean Capital Reiterates Buy, Raises PT On Qorvo On Adjusted Estimates


In a report published Thursday, Brean Capital analyst Mike Burton reiterated a Buy rating on Qorvo, Inc. (NASDAQ: QRVO), and raised the price target from $85.00 to $95.00.

In the report, Brean Capital noted, "Following numerous conversations with a host of companies across the supply chain, we are adjusting our FQ4 (March) and FQ1 (June) estimates for Qorvo. While there is definitely some concern regarding CNY (and post-CNY) sell-through, as well as on the timing of MTK's LTE SoCs, we believe Apple is performing better than expected in the March Q, so we are raising our numbers. We expect June Q results to come in roughly flat over a stronger March Q, on speculation that MediaTek will push back the MT6735/53 ramps, though we acknowledge that the Company stated that its single-chip SoC is ‘on schedule'.

"For QRVO, the big question is whether a potential June Q air pocket will rattle investors or will they look to the strong calendar 2H when the merger synergies start to hit. We expect a great year of top-line growth in the RF TAM due to OEM moves in China and Korea to support more bands, and further growth for the next 3 years resulting from CA Uplink (inter-band) and later from >3.5GHz band proliferation. We remain bullish and reiterate our Buy rating and increase our TP to $95 from $85."

Qorvo closed on Wednesday at $78.80.

Latest Ratings for QRVO

Nov 2020UBSMaintainsNeutral
Nov 2020BenchmarkMaintainsBuy
Nov 2020Raymond JamesMaintainsOutperform

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