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Fly News Breaks for February 8, 2019
QRVO
Feb 8, 2019 | 06:16 EDT
Piper Jaffray analyst Harsh Kumar lowered his price target for Qorvo to $75 saying handset weakness impacted the company's March quarter outlook. Qorvo is experiencing some of the same issues as other handset chipmakers, including the slowdown at the large U.S. customer and softness in China, Kumar tells investors in a post-earnings research note. It is important to note that Qorvo has one of the largest exposures to the Chinese handset market, adds the analyst. However, Qorvo is doing well at Samsung and has recently won content, which helps offset some of the broader market weakness, Kumar points out. He reiterates an Overweight rating on Qorvo shares and believes the stock could be a "very attractive proposition" given its exposure to 5G.
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