Qorvo Inc (QRVO) PT Raised to $84 at Mizuho

Mizuho analyst Vijay Rakesh raised the price target on Qorvo Inc (NASDAQ: QRVO) to $84.00 (from $75.00) while maintaining a Neutral rating.

The analyst commented: "AI Driving RAM/SSD Potentially 2x Gen/Gen, Rasing QRVO/SWKS PTs. We believe AI demand could drive phone content growth (DRAM/SSD) from 12GB/512GB to 24GB/1TB, up 2x, benefiting MU with LPDDR5x leadership, ARM well positioned with Mobile SoC dominance/moat, QCOM with leading share in high-end China handsets. QRVO/SWKS incrementally better with iPhone but increasing CN RF competition and longer-term iPhone share trends in China could weigh on shares. For QRVO, maintain Neutral, adjust estimates raise PT to $84 (prior $75), 15.1x our F26E P/E (prior: 13.3x) with tailwinds in QRVO's D&A business with ramps through F26E, and better COGS through foundry/internal mfg mix (70/30) and better iPhone traction. For SWKS, maintain Neutral, but raise PTs to $75 (prior $72), 17.9x our F26E P/E (17.2x), as we see SWKS benefiting from non-handset Broad Markets ramps with Wifi7 and autos offsetting increasing China competition."

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