Gold prices hover near 6-week high amid softer dollar, Fed rate cut bets
Investing.com - Mizuho upgraded Qorvo Inc (NASDAQ:QRVO) from Underperform to Neutral on Monday, raising its price target to $93.00 from $75.00. According to InvestingPro data, Qorvo is currently trading at $86.92, with analysts setting targets ranging from $75 to $128.
The upgrade comes following Skyworks’ acquisition offer for Qorvo, which includes $32.50 in cash plus 0.960 Skyworks shares per Qorvo share. Based on Mizuho’s $73 price target for Skyworks, this values Qorvo at approximately $103 per share.
Mizuho applied a 10% discount to account for Chinese regulatory approval risk, with the acquisition expected to close in April 2027, resulting in the $93 price target for Qorvo.
The firm noted that Qorvo faces near-term challenges, including its exit from the low-margin China Android market, which will impact revenue by approximately $200 million per year in fiscal years 2026 and 2027. Additionally, iPhone units, representing 60% of Qorvo’s customer base, are projected to decline about 7% year-over-year in 2026.
Mizuho indicated that Qorvo could potentially offset some handset weakness by gaining high band pad content on the iPhone 18 in fiscal year 2027, while its analog business might see a rebound in the second half of 2026.
In other recent news, Qorvo Inc . reported its fiscal second-quarter 2026 earnings, surpassing earnings per share expectations with an EPS of $2.22, compared to the forecasted $2.03. However, the company’s revenue of $1.059 billion fell short of the anticipated $1.03 billion. Despite the revenue miss, Qorvo’s quarterly results exceeded consensus estimates, with an adjusted gross margin of 49.7%. Analyst firm Stifel has maintained its Hold rating on Qorvo, with a price target of $88.00, following these results. In a separate development, JPMorgan upgraded Qorvo’s stock rating to Neutral, citing favorable growth trends in the company’s iPhone business. The firm noted over 10% content growth in iPhone 17 across all major product categories. Meanwhile, Mizuho upgraded Skyworks Solutions’ stock rating to Neutral, highlighting the potential synergies from its pending merger with Qorvo. This merger is expected to create significant annual synergies, estimated at $500 million, although full benefits are projected to materialize 24-36 months post-closing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.