Qorvo Foresees a Nice Bounce Back in Revenue Next Quarter; Maintain $86 FVE
Qorvo reported solid fiscal fourth-quarter results in light of a tough demand environment for radio frequency chips used in smartphones, but more important, the company is forecasting a nice bounce back for the June quarter that implies midteens growth on both a sequential and year-over-year basis. Qorvo is optimistic about its content in 5G infrastructure, as well as rising RF content in 4G (and, soon, 5G) smartphones. We will maintain our $86 fair value estimate for no-moat Qorvo. Even with sh...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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