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Fly News Breaks for August 2, 2018
QRVO
Aug 2, 2018 | 09:32 EDT
BMO Capital analyst Ambrish Srivastava raised his price target on Qorvo to $75 after its Q1 earnings upside and "no fall-through" seen in gross margins. While the company lowered its free cash flow outlook for FY19 to reflect the increase in CAPEX, the analyst says the higher costs reflect greater confidence in demand for its BAW filter products next year. Srivastava also raises his FY19/20 EPS view for Qorvo to $6.26 from $5.73 but keeps his Market Perform rating on valuation.
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