Morgan Stanley Upgrades Qorvo Inc (QRVO) to Overweight, 'volume recovery should lead to margin improvement'
Morgan Stanley analyst Joseph Moore upgraded Qorvo Inc (NASDAQ: QRVO) from Equalweight to Overweight with a price target of $134.00 (from $120.00).
The analyst comments "Qorvo has the most attractive catalysts out of our smartphone names. The momentum from a China Android snapback and content gains from 5G transition should drive revenue growth and expand gross margins. The stock looks inexpensive despite having some of the best earnings growth expectations out of our smartphone names, and we move to OW based on strong earnings power."
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Shares of Qorvo Inc closed at $97.51 yesterday.