Mizuho Securities Cuts PT Following Qorvo's (QRVO) Negative Pre-Announcement
Mizuho Securities maintained a Buy rating on Qorvo Inc (NASDAQ: QRVO), and cut the price target to $50.00 (from $65.00), following the company's negative pre-announcement. Qorvo continues to struggle navigating the RF landscape, the second topline miss in the last six months, while peers Avago and Skyworks have continued to beat and raise estimates.
Analyst Vijay Rakesh commented, "Qorvo preannounced after the close on Thursday, lowering its revenue guidance for the DecQ from its initial $725M to $620M, a 14% miss, as well as guiding MarQ to flat q/q (versus prior consensus of down ~10% q/q). Qorvo continues to struggle navigating the RF landscape, the second topline miss in the last six months, while peers Avago and Skyworks have continued to beat and raise estimates. We are lowering estimates and price target to $50, down from prior $65. QRVO will host a conference call with their results on Feb-4, 2016."
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Shares of Qorvo Inc closed at $45.64 yesterday.