Qorvo Inc (QRVO) PT Raised to $220 at Oppenheimer Ahead of Earnings
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Oppenheimer raised its price target on Qorvo Inc (NASDAQ: QRVO) to $220.00 (from $200.00) while maintaining a Outperform rating ahead of earnings and after the recent AAPL/SWKS upside.
The analyst stated "We see a beat/raise set up vs. Street F3Q(Dec.) sales/EPS of $1.06B/$2.66E and F4Q(Mar.) of $941M/$2.00E. We see near-term upside led by smartphone, ahead of accelerated 5G network deployments after Chinese New Year. We see F3Q mobile +10% Q/Q (+25% Y/Y). 5G RF content expands $5–7 while units expected to double in 2021 to 500M. QRVO benefits as China OEMs Oppo/ Vivo/Xiaomi capitalizes on Huawei woes. In IDP, GaN and M-MIMO underpin QRVO content/share growth in 5G BTS. We estimate 2021 5G BTS deployments +50–60% Y/Y. We see IDP, led by 5G RAN and defense, leading growth/upside over the next several years."
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