Qorvo price target lowered to $110 from $130 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Qorvo (QRVO) to $110 from $130 and keeps a Buy rating on the shares. The firm notes Qorvo reported results above consensus on strength with Apple (AAPL) and management is seeing channel inventory normalize in China. Craig-Hallum highlights Qorvo’s strong quarterly results were on the back of increased content with Apple and management believes their content growth will be sustainable in future builds. Further, Qorvo noted wins with Samsung (SSNLF) for their Galaxy flagship phone in 2024 and the firm believes content is likely flat year-over-year.