UPDATE: BofA/Merrill Lynch Upgrades Qorvo Inc (QRVO) to Neutral, Says Apple (AAPL) Win Offsets Unit Uncertainty

(updated to add analyst comment)

BofA/Merrill Lynch upgraded Qorvo Inc (NASDAQ: QRVO) from Underperform to Neutral with a price target of $85.00 (from $60.00).

Analyst Vivek Arya comments "We like QRVO’s growth opportunities, but our enthusiasm is tempered by the company’s past execution record; by the complexity of manufacturing the new SuperPAD components, which could impact gross margins; by low utilization of traditional filter (SAW) factories; and by muted content in 1H18 Samsung /current-gen iPhones (likely to SWKS). There are no guarantees of retaining content in the future and uncertainty could restrain further multiple expansion from the prior 16x peak, in our view."

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 $71.77 yesterday.

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