Morgan Stanley downgraded Qorvo (QRVO) to Equal Weight from Overweight with a price target of $110, up from $94, following the merger agreement with Skyworks (SKWS). The firm believes the transaction makes sense and notes that key customers seem supportive of the deal. It cites the takeover for the downgrade.
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Read More on QRVO:
- Skyworks upgraded to Overweight from Sector Weight at KeyBanc
- Skyworks upgraded to Equal Weight from Underweight at Barclays
- Qorvo upgraded to Neutral from Sell at Citi
- M&A News: Qorvo Stock (QRVO) Pops on Report of $8B Takeover Talks with Apple Supplier Skyworks
- Qorvo downgraded to Hold from Buy at Benchmark