UPDATE: Barclays Downgrades Qorvo Inc (QRVO) to Equalweight

Barclays analyst Blayne Curtis downgraded Qorvo Inc (NASDAQ: QRVO) from Overweight to Equalweight with a price target of $90.00 (from $120.00).

The analyst comments "QRVO, along with the rest of RF, has been punished heavily amid weakness in the handset market, but we see better opportunities elsewhere off the bottom. It has outperformed SWKS (+3% vs. -9%) since original concerns of iPhone production cuts began to hit the market on 9/28. Although it has lower exposure to iPhone production, it is heavily exposed to Android, which is in even worse shape. They also have weakness in their IoT, WLAN, and Analog businesses. QRVO is relatively more expensive than SWKS (9.8x vs. 7.5x 2023E PE) and we don’t see a catalyst yet to signal a bottom, and actually see more upside for SWKS through earnings."

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 $85.49 yesterday.

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