Cowen analyst Karl Ackerman upgraded Qorvo (QRVO) to Outperform from Market Perform with a price target of $90, up from $75. The stock's risk/reward is skewed to upside on a three-to-one basis with $7.50-$8.00 of earnings per share possible in 2021, Ackerman tells investors in a research note. The analyst says that while Qorvo's content is lower this iPhone cycle, he sees unit upside ahead of higher radio frequency content in a 5G-enabled phone in 2020. Further, while any resolution on U.S./China trade or the Huawei ban us not likely this week, a resolution over the next few quarters may add $500M in revenue and $1 of earnings per share to 2020 estimates for the company, adds the analyst.

Apple saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link