Little Surprise to Qorvo's Guidance Cut in Light of the Huawei Ban; Maintaining $86 FVE
We will maintain our $86 fair value estimate for no-moat Qorvo after the company cut its outlook for the June quarter and hinted at only flattish sequential sales in the seasonally strong September quarter. The cut comes on the heels of the U.S. effectively banning suppliers from selling to Huawei without a special license and a late May 20 report that the U.S. is granting a handful of temporary exemptions to suppliers. Qorvo has ceased shipments to Huawei, and its new guidance implies no sales ...Qorvo is a holding company. Through its subsidiaries, the company designs, develops, manufactures and markets its products to U.S. and international original equipment manufacturers and original design manufacturers in two operating segments: Mobile Products, which is a supplier of cellular radio frequency (RF) and Wi-Fi solutions for mobile devices, including smartphones, wearables, laptops, tablets and cellular-based applications for the Internet of Things (IoT); and Infrastructure and Defense Products, which is a supplier of RF and system-on-a-chip solutions for cellular base stations and other wireless communications infrastructure, defense, smart home, automotive and other IoT applications.
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