Needham Believes Qorvo (NASDAQ: QRVO) Won’t Stop Here

By Jason Carr

Needham analyst Quinn Bolton reiterated a Buy rating on Qorvo (NASDAQ: QRVO) today and set a price target of $86. The company’s shares closed yesterday at $78.83, close to its 52-week high of $79.33.

Bolton said:

“Qorvo hosted an upbeat analyst day that focused on key IDP growth drivers and increasing RF dollar content in Mobile Products. Collectively, these drivers should enable QRVO to grow at least in-line with its TAM, which is growing at a 10%-15% CAGR. Management also highlighted the performance benefits of its BAW5 process, which is key to the company’s prospects of securing a portion of the mid-/high-band PAD module for Apple’s 2018 iPhone platform. With a statement of work under its Master Supply Agreement with Apple now in place for the mid-/high- band PAD module, we believe QRVO’s chances of securing this win have improved.”

According to, Bolton is a top 25 analyst with an average return of 23.8% and a 74.1% success rate. Bolton covers the Technology sector, focusing on stocks such as Sequans Communications S A, Integrated Device Tech, and Ikanos Communications.

Currently, the analyst consensus on Qorvo is Moderate Buy and the average price target is $76, representing a -3.6% downside.

In a report released yesterday, Drexel Hamilton also reiterated a Buy rating on the stock with a $95 price target.

The company has a one year high of $79.33 and a one year low of $48.28. Currently, Qorvo has an average volume of 1.65M.

Based on the recent corporate insider activity of 97 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Daniel Dileo, a Director at QRVO sold 5,000 shares for a total of $370,200.

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Qorvo, Inc. engages in the provision of core technologies and radio frequency solutions for mobile, infrastructure, and aerospace or defense applications. The company operates through two segments: Mobile Products, Infrastructure and Defense Products. The Mobile Products segment supplies of RF solutions that perform various functions in the increasingly complex cellular radio front end section of smartphones and other cellular devices. The Infrastructure and Defense Products segment supplier of RF solutions that support diverse global applications, including ubiquitous high-speed network connectivity to the cloud, data center communications, rapid internet connectivity throughout the home and workplace, and upgraded military capabilities across the globe. Its products include amplifiers, control products, discrete transistors and integrated circuits, filters and duplexers, frequency converters, integrated modules, optical components, oscillators, passives and switches. The company was founded on December 13, 2013 and is headquartered in Greensboro, NC.