Qorvo Inc (QRVO) PT Raised to $87 at Mizuho

Mizuho analyst Vijay Rakesh raised the price target on Qorvo Inc (NASDAQ: QRVO) to $87.00 (from $84.00) while maintaining a rating.

The analyst commented: "QRVO reported a strong JunQ and guided SepQ better than cons., with revs up ~25% q/q to $1.03B, BUT maintained F26E (Mar) with tariff/pull-in uncertainties and China exits. Key highlights: 1)HPA STRONG with Defense&Aerospace (D&A)/Satcom spending stronger as design funnel up $2B q/q to $7B,2) Solid JunQ GM at 44% and Sep up 500bps ~49%, w/F27 at 50%, from better fab utilizations (C.Rica and NC closures), 3) F26E HPA still expected up DD% y/y, CSG now up just LSD% y/y, but L-T tailwinds from Autos/Wifi7, and ACG down slightly y/y with Android exits offsetting iPhone content gains, and 4) Some DecQ/MarQ headwinds with China pull-ins and ~$175M/$175M of exits in F26E/F27E. Maintaining Neutral, Adjust Estimates, Raise PT to $87 (prior $84)."

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