JPMorgan lowered the firm’s price target on Qorvo (QRVO) to $85 from $105 and keeps a Neutral rating on the shares. Th company reported solid December quarter results, driven by solid iPhone momentum and growth in its aerospace and defense businesses, the analyst tells investors in a research note. However, the firm says Qorvo guided March quarter revenues to be down 19% quarter-over-quarter, which is well below consensus expectations. This decline is primarily due to the continued exit from the low-tier Android business, which was more weighted in Q4, JPMorgan notes.
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