UPDATE: Oppenheimer Downgrades Qorvo Inc (QRVO) to Perform

(Updated - January 13, 2022 4:55 AM EST)

Oppenheimer analyst Rick Schafer downgraded Qorvo Inc (NASDAQ: QRVO) from Outperform to Perform.

The analyst comments "We’re downgrading QRVO from Outperform to Perform and removing our $220 target. We upgraded QRVO in July ‘20 with 5G RAN content/share gains central to our bull thesis (7/30 at $115.28). 5G upside has been slow to materialize. IDP peaked in C2Q20 at 41% of total sales but has since dropped to 21%. QRVO is now ~80% exposed to handset/mobile. Handset is a big (1.6B units/year) but largely ex-growth mature market with component suppliers dependent on sustained content gains for growth. In 2022, we see limited content gains for QRVO at iPhone and increased competition from QCOM in China Android. We see opportunities at Samsung though believe any content gains are likely insufficient to drive outsized growth/upside. With limited obvious growth/upside catalysts near term, we're stepping to the sidelines."

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 $152.84 yesterday.

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