Qorvo (QRVO) PT Lifted to $63 at Needham & Company Following Results

Needham & Company analyst N. Quinn Bolton reiterated a Buy rating and bumped his price target on Qorvo Inc (NASDAQ: QRVO) to $63.00 (from $53.00) following results.

Bolton commented, "QRVO reported better than expected F1Q17 results and provided impressive top line guidance for F2Q17. Mobile product revenue advanced 18% sequentially to drive most of the top line growth. However, revenue growth was overshadowed by NG GM issues which limited EPS upside and should continue to represent a drag on earnings through the end of the fiscal year. That said, we are encouraged by the company's revenue performance and plans to address its margin issues over the next several quarters, which should drive multiple expansion. We raise our NG EPS estimates, increase our PT to $63 from $53 and reiterate our Buy rating."

For an analyst ratings summary and ratings history on Qorvo Inc click here. For more ratings news on Qorvo Inc click here.

Shares of Qorvo Inc closed at $61.45 yesterday.

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