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Fly News Breaks for February 8, 2019
QRVO
Feb 8, 2019 | 08:33 EDT
As reported previously, Canaccord analyst T. Michael Walkley downgraded Quorvo to Neutral from Buy. The analyst cited weaker than expected guidance, which was driven by continued soft smartphone market trends and the adverse impact of costs at idle facilities. He noted management expects record earnings and free cash flow in 2020, leaving this year as a transition year. Walkley lowered his price target to $70 from $77 on Quorvo shares.
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