As previously reported, Exane BNP Paribas analyst Karl Ackerman downgraded Qorvo (QRVO) to Neutral from Outperform with an $80 price target Unfortunately, Qorvo has the highest exposure among peers to China’s Android market and growing structural headwinds of mid-tier Android units “takes a large bite out of the bull case on content opportunities,” the analyst tells investors. The firm is moving to the sidelines as it sees limited demand catalysts and “an opaque outlook” on the timing of a gross margin recovery toward the long-term target of 50%, the analyst added.
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Read More on QRVO:
- Qorvo downgraded to Hold at Benchmark on Apple softness, entry-tier shift
- Qorvo price target lowered to $85 from $125 at TD Cowen
- Qorvo price target lowered to $70 from $100 at Susquehanna
- Qorvo price target lowered to $85 from $100 at Piper Sandler
- Qorvo price target lowered to $80 from $115 at BofA