Wells Fargo analyst Gary Mobley notes that Qorvo's (QRVO) largest customer, Apple (AAPL), announced it will not meet its original $63B-$67B March-quarter revenue guidance issued on January 28. The analyst believes this news will no doubt cause investors to question Qorvo's $800M-$840M March-quarter revenue guidance given on January 29. Although the coronavirus is still a serious issue yet to be fully controlled, he believes the supply chain issues and retail closures impacting the manufacture of, and demand for, smartphones in China may be temporary in nature. Mobley believes investors should buy shares of Qorvo on any weakness related to Apple's news. He has an Overweight rating and $135 price target on Qorvo's shares.

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