Qorvo Provides Investors with a Gloomy March Forecast; Maintain $52 FVE as Shares Appear Overvalued
Qorvo reported solid fiscal third-quarter results but provided investors with a fourth quarter forecast that was well below our expectations. As key smartphone customers will ramp their flagship smartphones a bit later in the quarter than usual, this will lead to lower radio frequency, or RF, chip shipments for Qorvo. The company expects a bit of a catchup in early fiscal 2018 and is calling for double-digit revenue growth for all of fiscal 2018, ahead of our prior expectations. All in all, we w...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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