Qorvo price target raised to $125 from $110 at Piper Sandler

Piper Sandler raised the firm’s price target on Qorvo (QRVO) to $125 from $110 and keeps an Overweight rating on the shares. The firm notes the company reported strong June results, beating street expectations by a wide margin for both the June quarter as well as for the September guide. Specifically, Qorvo is benefiting from strong content gains at its largest customer, which is more than offsetting planned Android declines. While the HPA segment also continues to do extremely well given favorable end market exposure, the outsized gains in both June and September 2025 quarters come from ACG. Qorvo has won significant content in the internal modem for a large U.S. customer and Piper is optimistic of even more increased gains at this customer next year.