Qorvo price target lowered to $84 from $110 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Qorvo (QRVO) to $84 from $110 and keeps an Equal Weight rating on the shares. Qorvo reported “solid” Q3 results, but increasing pressure in its mobile business driven by share loss in the upcoming iPhone and a faster than expected exit from lower tier Android devices drives a weaker than expected outlook, the analyst tells investors. The firm notes its lower price target is based off of the implied deal valuation using Skyworks’ (SWKS) current stock price, adding that it may adjust that after Skyworks’ reports to reflect its longer term view of the combined equity.