Qorvo price target lowered to $105 from $110 at UBS

UBS lowered the firm’s price target on Qorvo (QRVO) to $105 from $110. Qorvo’s soft June guidance is likely largely due to Apple (AAPL) being sub-seasonal, a generally similar story to Skyworks (SWKS), though Qorvo is still experiencing solid content gains across many key customers given its strong Bulk Acoustic Wave position and also has good future visibility on content, the analyst tells investors in a research note. The firm already seen a solid snapback from China OEMs so the catalyst path from here is still a bit murky. UBS keeps a Neutral rating on the shares as it has already seen a solid snapback from China OEMs so the catalyst path from here is still a bit murky.