Qorvo price target lowered to $90 from $95 at Stifel

Stifel lowered the firm’s price target on Qorvo (QRVO) to $90 from $95 and keeps a Hold rating on the shares. Qorvo reported fiscal Q3 revenue and EPS above management guidance and consensus estimates, but the company remains in a transition period as its Advanced Cellular Group strategy remains in the early stages of a move away from the lower tier Android smartphone ecosystem, the analyst tells investors. The firm views the diversification and overall restructuring strategy positively but, for now, believes “upside catalysts to share price remain limited,” the analyst added.