Drexel Hamilton Remains Bullish on Qorvo (QRVO) Following Mixed 2Q
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Drexel Hamilton maintained a Buy rating and $72.00 price target on Qorvo Inc (NASDAQ: QRVO) following the company's 2Q earnings report. QRVO delivered non-GAAP revenue of $864.7 million and EPS of $1.29, vs. the Street consensus for sales of about $834.9 million and EPS of $1.41.
Analyst Cody Acree commented, "For the December quarter, Qorvo guided sales to $800-$840 million, with a $820 million mid-point that compared to the Street consensus of $845.4 million and our estimate of $869 million. December quarter EPS is guided to $1.15-$1.35, with a $1.25 mid-point that compares to the Street consensus of $1.45 and our estimate of $1.48."
Shares of Qorvo Inc closed at $56.74 yesterday.
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