Procore stock price target raised to $90 from Goldman Sachs on stabilizing growth
Investing.com - JPMorgan has upgraded Qorvo Inc (NASDAQ:QRVO) from Underweight to Neutral while raising its price target to $105.00 from $92.00. According to InvestingPro data, Qorvo appears undervalued based on its Fair Value assessment, with the stock having already gained nearly 34% year-to-date.
The upgrade follows Qorvo’s September quarter results, which aligned with the company’s positive pre-announcement from last week. JPMorgan noted favorable trends in Qorvo’s iPhone business, where the company is experiencing over 10% content growth in iPhone 17 with gains across all four major product categories.
Qorvo’s aerospace and defense businesses are also showing positive momentum, contributing to the improved outlook from JPMorgan. For the December quarter, Qorvo guided for revenues to decline 7% quarter-over-quarter, reflecting normal seasonal trends at its largest smartphone customer. InvestingPro data shows that 7 analysts have recently revised their earnings upwards for the upcoming period, with EPS forecast for fiscal year 2026 at $6.30.
The company continues its planned exit from the low-tier Android business, now expecting this segment to decline by approximately $200 million per year in fiscal years 2026 and 2027, down from $875 million in fiscal year 2025. This reduction is at the high end of Qorvo’s previously stated $150-$200 million revenue range expectation.
By the end of fiscal year 2027, Qorvo anticipates the quarterly revenue run-rate for its Android business will reach approximately $100 million per quarter, with roughly half of that revenue coming from Chinese Android manufacturers.
In other recent news, Qorvo Inc . announced its fiscal second-quarter 2026 earnings, which showed mixed results. The company exceeded earnings per share (EPS) expectations, reporting $2.22 compared to the anticipated $2.03, marking a 9.36% increase. Despite this positive outcome on EPS, Qorvo’s revenue fell short of forecasts, coming in at $1.059 billion, which is 4.37% below the projected $1.03 billion. These financial results were part of the latest developments shared by the company. Analysts from various firms have been closely monitoring Qorvo’s performance, though no specific upgrades or downgrades were noted in the recent reports. Investors are keeping a close watch on how these financial figures might influence future business strategies and market positions.
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