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QRVO

Qorvo

$61.53

0.23 (0.38%)

08:38
05/22/19
05/22
08:38
05/22/19
08:38

Qorvo price target lowered to $75 from $85 at Craig-Hallum

Craig-Hallum analyst Anthony Stoss lowered his price target for Qorvo to $75 from $85 after the company lowered its June quarter guidance and provided September quarter guidance as well to account for the U.S. ban against Huawei. The analyst reiterates a Buy rating on the shares.

QRVO Qorvo
$61.53

0.23 (0.38%)

05/22/19
DADA
05/22/19
NO CHANGE
Target $66
DADA
Neutral
Qorvo price target lowered to $66 from $82 at DA Davidson
DA Davidson analyst Thomas Diffely lowered his price target on Qorvo to $66 and kept his Neutral rating while also lowering his FY20 and FY21 target EPS on the stock by $1 and $1.25 to $5.00 and $5.75 respectively. The analyst cites the company's announced stoppage of shipments to Huawei, which had accounted for about 15% of its overall revenue in FY19, in response to it being "blacklisted" by the Trump administration. Diffely adds that it is difficult to predict the duration of the ban, but believes that a conservative model of fully removing Huawei from his projections for Qorvo financials is warranted.
05/22/19
JPMS
05/22/19
NO CHANGE
Target $85
JPMS
Overweight
JPMorgan still sees 'meaningful upside' for Qorvo shares over midterm
JPMorgan analyst Bill Peterson lowered his price target for Qorvo to $85 from $90 but keeps an Overweight rating on the shares after the company cut its outlook to reflect the U.S. Department of Commerce ban of shipping components to Huawei. Despite the negative impact of the Huawei ban, Peterson continues to expect Qorvo to outperform over the next few years on "content gains" in mobile. Despite volatility in the market and the potential for additional headline risk, Qorvo's risk/reward profile remains favorable over the midterm, Peterson tells investors in a research note. He continues to expect "meaningful upside" for the shares.
05/21/19
OPCO
05/21/19
NO CHANGE
OPCO
Perform
Qorvo could be first to remove Huawei from estimates, says Oppenheimer
Oppenheimer analyst Rick Schafer notes that Qorvo lowered its Q1 outlook to reflect the recent U.S. Department of Commerce Huawei sales ban, which he believes comes as "little surprise" given the company's outsized Huawei exposure. Further, the analyst believes Qorvo could be the first of several semiconductor names to remove Huawei from estimates/de-risk. Schafer expects Huawei business likely comes back at some point, but "timing is uncertain." Given the challenged handset environment, he reiterates a Perform rating on the shares.
05/21/19
ADAM
05/21/19
NO CHANGE
Target $76
ADAM
Buy
Qorvo price target lowered to $76 from $87 at Canaccord
Canaccord analyst T. Michael Walkley lowered his price target for Qorvo to $76 from $87 but maintained a Buy rating after the Commerce Department added Huawei and its affiliates to its "Entity List" prohibiting U.S.-origin technology to be supplied to Huawei without a license. Huawei accounted for 13% and 8% of Qorvo's fiscal 2019 and fiscal 18 revenue, respectively, Walkley tells investors in a research note, adding that he believes Qorvo's recent stronger-than-anticipated June quarter guidance included strong share gains in Huawei handsets combined with ongoing improving shipments to Huawei for 5G infrastructure. Despite the uncertainty from the shipment ban to 10% plus customer and potential impact to the timing for the market's 5G uptake given Huawei's leadership position in infrastructure markets, the analyst says he believes the shares have priced in the news and feels Qorvo will remain focused on developing integrated solutions to drive dollar content growth to grow faster than the slow growing smartphone market and anticipate improving growth trends as 5G ramps in fiscal 2021.

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