TD Cowen analyst Krish Sankar has maintained their neutral stance on QRVO stock, giving a Hold rating today.
Krish Sankar’s rating is based on several factors that influence Qorvo’s current market position and future prospects. The company is performing well despite uncertainties related to tariffs, with new RF content wins in flagship devices and a growing Defense/Aero design win pipeline. This has resulted in demand that aligns with expectations and year-over-year gross margin expansion. However, the fiscal year 2026 outlook remains uncertain, with potential direct costs from tariffs in the single-digit million range, leading to a Hold rating.
Qorvo’s fiscal year 2026 is seen as a transition period, but with some positive developments such as an Envelope Tracker content win alongside Apple’s 5G modem and anticipated content growth in the upcoming iPhone cycle. Despite not reaffirming its prior growth view due to tariff uncertainties, the company is somewhat shielded from tariff costs due to its flexible supply chain. While the gross margin is benefiting from cost structure improvements, the sales mix continues to play a significant role. The company’s exposure to major customers like Apple and Samsung, along with challenges in the Android market, also contribute to the cautious outlook.
According to TipRanks, Sankar is a 5-star analyst with an average return of 10.2% and a 47.32% success rate. Sankar covers the Technology sector, focusing on stocks such as Apple, Pure Storage, and Micron.
In another report released today, Barclays also maintained a Hold rating on the stock with a $70.00 price target.