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Oppenheimer Upgrades Qorvo After Better-Than-Expected Q1

Oppenheimer analyst Andrew Hummel upgraded Qorvo (NASDAQ: QRVO) from Perform to Outperform and established a price target of $150 after the company significantly beat Street expectations for first-quarter sales and second-quarter sales guidance by 8% and 18%, respectively.

“We’re impressed by recent execution and believe management has QRVO ideally positioned to capitalize on 5G structural growth,” the analyst said in a Thursday note.

The Oppenheimer analyst named the following a key takeaways from the Wednesday print:

  • Management sees 250 million 5G handset shipments in FY21 and mobile up in Q3

  • Oppenheimer estimates QRVO 5G content in 64-element M-MIMO at $1K-plus, up 10x vs. 4G.

  • "We see multiple expansion as growth accelerates and IDP contributes more to revenue mix and margins," after Qorvo's revent acquisitions, Hummel said.

Lastly, the analyst said some catalysts for Qorvo include potential content gains in the next Samsung GS release, the China handset market rebounding and potential content gains in the next IP release.

QRVO Price Action: Qorvo shares were up 9.78% at $126.56 at last check Thursday.

Latest Ratings for QRVO

Jul 2020

Piper Sandler

Maintains

Overweight

Jul 2020

Oppenheimer

Upgrades

Perform

Outperform

Jul 2020

Raymond James

Maintains

Outperform

View More Analyst Ratings for QRVO
View the Latest Analyst Ratings

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© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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