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Fly News Breaks for March 3, 2020
QRVO
Mar 3, 2020 | 12:22 EDT
As previously reported, Canaccord analyst T. Michael Walkley upgraded Qorvo to Buy from Hold with a price target of $125, down from $135. Due to the impact of the COVID-19 virus, management lowered its Q4 guidance by roughly $50M and the analyst cut his estimates accordingly, result in the lowered price target. However, he believes the long-term outlook is "compelling" given his view that Qorvo looks well positioned to grow content share in both 5G infrastructure and smartphones.