Qorvo Inc (QRVO) PT Raised to $88 at Needham & Company

Needham & Company raised its price target on Qorvo Inc (NASDAQ: QRVO) to $88.00 (from $84.00) while maintaining a Buy rating.

Analyst N. Quinn Bolton commented, "QRVO reported stronger than expected F3Q18 results while offering an outlook for F4Q18 that was well below expectations due to weaker near-term demand from Apple and China. However, the company's long term outlook has significantly improved in our opinion driven by the expected C2H18 ramp of a custom mid-/high-band PAD module at Apple. Qorvo is sampling another custom mid-/high-band PAD module to a second tier-one smartphone OEM, which we believe is Samsung, for its 2019 platforms. QRVO also believes it is positioned to gain share with Huawei and Samsung in 2018 and 2019, respectively. With the ramp of mid-/high-band PAD modules and success with band 1+3 quadplexers in China, we expect increasing BAW factory utilization will drive and expansion in GM in FY19. We reiterate our Buy rating and raise our PT to $88 from $84."

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