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QRVO

Qorvo

$63.68

-0.12 (-0.19%)

07:49
11/14/18
11/14
07:49
11/14/18
07:49

Qorvo price target lowered to $70 from $80 at Nomura Instinet

Nomura Instinet analyst Krysten Sciacca lowered her price target for Qorvo to $70 after the company yesterday morning reduced its Q3 guidance. The analyst keeps a Neutral rating on the shares.

QRVO Qorvo
$63.68

-0.12 (-0.19%)

11/13/18
MKMP
11/13/18
NO CHANGE
Target $86
MKMP
After Qorvo warns, MKM says Apple risk 'largely' factored into supply chain
MKM Partners analyst Ruben Roy noted that Qorvo (QRVO) followed Lumentum (LITE) in reducing its December quarter outlook due to recent demand forecast changes for Apple's (AAPL) iPhone. He also noted that Qorvo expects March quarter revenues to be down less than 10%, sequentially, which he points out is better than the seasonal declines in the previous two fiscal years and likely due to content increases across a number of upcoming Samsung handsets. Roy said he remains positive on Qorvo given his continued expectations for market share gains, but lowered his price target on the stock to $86 from $95. In terms of other Apple supply chain companies, he believes that Skyworks' (SWKS) guidance likely considered the demand changes at Apple, but thinks Cirrus Logic (CRUS) provided December quarter guidance ahead of Apple changes. Roy also notes that Broadcom (AVGO) will report on December 6. While seeing some risk to near-term wireless estimates, Roy concluded that he believes Apple risk is "largely incorporated" into supply chain expectations at this point.
11/14/18
UBSW
11/14/18
NO CHANGE
Target $225
UBSW
Neutral
UBS drops Apple price target to $225 from $240 on supply chain cuts
UBS analyst Timothy Arcuri lowered his estimates for Apple citing cuts in the company's supply chain. The analyst believes Apple in the past week has cut 6M-7M out of the original 63M build for new iPhone models, with the cut evenly split between the XS Max and XR models. On a net basis, however, this cut is slightly offset by a few million more older phones, Arcuri tells investors in a research note. The analyst's overall calendar Q4 estimate for iPhone units for sell-in go from 75M to 73.5M along with a slight reduction in average selling price. He also dropped his calendar Q1 unit estimate to 46.7M from 53.3M and Q2 estimate to 37.5M from 41.7M. The analyst notes that these cuts are "significantly" less than Lumentum's (LITE) negative preannouncement would imply and still a little less than the 10M implied by Qorvo (QRVO). Nonetheless, Arcuri thinks there is an "inventory component that is still negatively affecting the supply chain." The analyst dropped his price target for Apple to $225 from $240 while keeping a Buy rating on the shares. The iPhone maker closed yesterday down $1.94 to $192.23.
11/14/18
UBSW
11/14/18
NO CHANGE
Target $53
UBSW
Buy
Lumentum price target lowered to $53 from $80 at UBS
UBS analyst Tejas Venkatesh lowered his price target on Lumentum (LITE) to $53 from $80 after the change in Qorvo (QRVO) guidance, which gave more evidence of Apple (AAPL) demand weakness being the underlying cause of Lumentum's change in expectations. The analyst lowered his estimates but said he does not see further inventory risk unless demand weakens further. Venkatesh maintained his Buy rating on Lumentum shares.
11/14/18
ADAM
11/14/18
NO CHANGE
Target $83
ADAM
Buy
Qorvo price target lowered to $83 from $90 at Canaccord
Canaccord analyst T. Michael Walkley lowered his price target on Qorvo (QRVO) to $83 from $90 after the company lowered its guidance, as several Apple (AAPL) suppliers have done. He expects Qorvo to continue focusing on developing integrated solutions to drive dollar content growth faster than the slow growing smartphone market and anticipates improving growth trends as 5G ramps long-term. Walkley reiterated his Buy rating on Qorvo shares.

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