Craig-Hallum lowered the firm’s price target on Qorvo (QRVO) to $105 from $142 and keeps a Buy rating on the shares. The firm notes Qorvo reported slightly better results for the September quarter vs Street estimates but guided well below for the December quarter as overall handset sales remain weak. Further, management noted a mix shift with Android OEMs toward entry level handsets, away from mid-tier phones, which significantly impacts Qorvo’s revenues and gross margins, Craig-Hallum adds.
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