Qorvo Remains Well-Positioned in 5G Despite an Ugly Smartphone Market; Maintaining $86 FVE
Qorvo reported predictably soft fiscal third-quarter results and provided investors with a gloomy fourth-quarter forecast below our prior expectations due to well-known weakness in the smartphone market, both at Apple and at Chinese handset makers. Nonetheless, the company's 5G prospects remain encouraging, and we believe that Qorvo's near-term troubles are cyclical (in terms of muted smartphone demand) rather than structural (as we don't believe Qorvo is losing sockets or market share). We will...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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