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Investing.com - Piper Sandler raised its price target on Qorvo Inc (NASDAQ:QRVO) to $125.00 from $110.00 on Wednesday, while maintaining an Overweight rating on the semiconductor company’s stock. The new target represents significant upside potential for the $7.9 billion market cap company, which according to InvestingPro analysis appears undervalued at current levels.
The price target increase follows Qorvo’s June quarter financial results, which exceeded Wall Street expectations by a significant margin according to Piper Sandler.
The research firm noted that Qorvo also provided September quarter guidance that came in above analyst consensus estimates.
Piper Sandler attributed Qorvo’s strong performance to content gains at its largest customer, which have more than offset planned declines in Android-related business.
The semiconductor company specializes in radio frequency solutions for mobile devices, wireless infrastructure, defense, and aerospace applications.
In other recent news, Qorvo Inc. reported a strong start to its fiscal year 2026, significantly surpassing earnings expectations for the first quarter. The company posted earnings per share of $0.92, which was 46.03% higher than the forecasted $0.63. Revenue also exceeded projections, reaching $819 million compared to the anticipated $776.3 million. Following these robust results, several analysts have adjusted their price targets for Qorvo. Stifel raised its price target to $88, while TD Cowen increased it to $95, citing strong demand for radio frequency components. Loop Capital also raised its target to $90, noting better-than-expected revenue and gross margin improvements. Needham set a higher target of $104, attributing Qorvo’s success to content gains in Apple (NASDAQ:AAPL) products. These developments highlight the company’s strong performance and positive outlook from analysts.
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