As previously reported, Piper Sandler analyst Harsh Kumar downgraded Qorvo to Neutral from Overweight with a $120 price target. The primary reason for the firm’s shift here is its concern around handset growth in the first half of 2024 after year-over-year unit declines through the back half of 2023. In addition, Piper is also worried about adequate recovery in China handsets throughout the calendar year. It feels that it will be towards the second half of 2024 when Qorvo starts to get its cadence back as growth potentially comes back due to easier comps.
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