Stifel lowered the firm’s price target on Qorvo (QRVO) to $85 from $88 and keeps a Hold rating on the shares. Qorvo delivered stronger-than-expected fiscal Q3 results and the firm sees the structural turnaround gaining momentum, but it maintains a Hold rating due to lower visibility into socket dynamics at their largest customer as well as further clarity on the key overhang that “management did not comment on,” namely the Skyworks (SWKS) merger timeline.
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