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Fly News Breaks for March 15, 2018
AVGO, QRVO
Mar 15, 2018 | 06:28 EDT
As previously reported, BofA/Merrill downgraded Qorvo (QRVO) to Underperform from Neutral and cut its price target to $80 from $85. Analyst Vivek Arya believes Quorvo faces headwinds of a sluggish high-end smartphone market and increasing competitive risks in upcoming versions of the iPhone. Arya thinks Qorvo's next-gen iPhone market share in high/mid-band components could be lower than his previous 20% forecast due to renewed focus by Broadcom (AVGO) in this segment, limiting Qorvo's ability to gain share and further stock appreciation.
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