Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!

Barclays Turns Bullish On Qorvo, Projects Larger Apple Relationship

Courtesy of Benzinga.

Barclays Turns Bullish On Qorvo, Projects Larger Apple Relationship

Qorvo Inc (NASDAQ: QRVO) is likely to gain some bulk acoustic wave share at Apple Inc. (NASDAQ: AAPL), with more likely in 2019, Barclays said in an upgrade note. 

BAWs are filters used to solve interference and co-existence challenges that are used in smartphones, base stations, repeaters, Wi-Fi applications and more. 

The Analyst

Barclays analyst Blayne Curtis upgraded Qorvo from Equal-weight to Overweight with an $87 price target. 

The Thesis

Risk exists for Qorvo’s June quarter guidance in light of Apple’s iPhone shipment weakness, Curtis said in a Tuesday note. Investors will soon begin to focus on the second half, as both Apple and Samsung Electronics Co Ltd (OTC: SSNLF) could drive revenue and gross margins, the analyst said. 

“We believe both QRVO and Skyworks Solutions Inc (NASDAQ: SWKS) can work given double-digit content gains this year.” 

Barclays’ June quarter expectations of $666 million in revenue and EPS of $1.02 are below consensus expectations and call for a sequential drop.

Qorvo is likely to pick up some share at the expense of Broadcom Inc (NASDAQ: AVGO), both in the LCD models of iPhones and at Samsung, where it consolidated the mid-to-high packet assembler/disassembler share, Curtis said.

Barclays forecast a 24-percent increase in Qorvo’s blended component content at Apple.

The Price Action

Qorvo shares were rallying 6.5 percent to $71.79 at the time of publication Tuesday. 

Related Links:

Soft Apple, Samsung Handset Demand A Common Theme Across Semiconductor Stocks, KeyBanc Says In Earnings Preview

Analyst: 5 Headwinds Facing Skyworks Solutions

Photo courtesy of Apple. 

Latest Ratings for QRVO

Date Firm Action From To
May 2018 Canaccord Genuity Maintains Buy Buy
May 2018 Barclays Upgrades Equal-Weight Overweight
Apr 2018 Morgan Stanley Maintains Equal-Weight Equal-Weight

View More Analyst Ratings for QRVO


View the Latest Analyst Ratings

Posted-In: Apple Suppliers Barclays Blayne CurtisAnalyst Color Upgrades Price Target Analyst Ratings Best of Benzinga


Do you know someone who would benefit from this information? We can send your friend a strictly confidential, one-time email telling them about this information. Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!





You must be logged in to make a comment.
You can sign up for a membership or get a FREE Daily News membership or log in

Sign up today for an exclusive discount along with our 30-day GUARANTEE — Love us or leave, with your money back! Click here to become a part of our growing community and learn how to stop gambling with your investments. We will teach you to BE THE HOUSE — Not the Gambler!

Click here to see some testimonials from our members!