Sell Rating for Qorvo Due to Anticipated Downside Risks and Apple Supply Chain Trends

Atif Malik, an analyst from Citi, maintained the Sell rating on Qorvo. The associated price target is $70.00.

Atif Malik has given his Sell rating due to a combination of factors impacting Qorvo’s stock. One of the primary reasons is the anticipated downside risk to the fiscal year 2026 estimates, which are expected to be lower by 2% compared to the consensus. This is largely attributed to the accelerated demand from Apple, driven by tariffs.
Additionally, historical trends indicate that stocks within Apple’s supply chain tend to underperform relative to Apple’s stock itself, particularly from the launch of a new iPhone until the end of March, with an average underperformance of about 13%. Given that Apple accounts for approximately 47% of Qorvo’s total sales for fiscal year 2025, this trend poses a significant risk to Qorvo’s stock performance, prompting the addition of a downside 90-day catalyst watch.