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Investing.com - Stifel raised its price target on Qorvo Inc (NASDAQ:QRVO) to $88.00 from $75.00 on Wednesday, while maintaining a Hold rating on the semiconductor company’s stock. The company, currently valued at $7.94 billion, has seen its shares rise 21.08% year-to-date.
The price target increase follows Qorvo’s fiscal first-quarter 2026 results, which exceeded consensus expectations. The company also provided second-quarter guidance that surpassed Wall Street estimates. According to InvestingPro analysis, Qorvo maintains strong financial health with a perfect Piotroski Score of 9, suggesting robust operational efficiency. InvestingPro’s Fair Value analysis indicates the stock is currently undervalued.
Stifel noted that over the past two quarters, Qorvo has outperformed revenue expectations by approximately $100 million. Management indicated that $15-30 million of this outperformance might reflect inventory buffering, with the remainder driven by stronger-than-expected demand across key markets.
Despite the strong quarterly performance, Qorvo continues to forecast flat year-over-year revenue for fiscal year 2026 compared to fiscal 2025. Stifel suggests this outlook may reflect conservatism regarding Apple (NASDAQ:AAPL) iPhone product mix in coming quarters.
The research firm acknowledged Qorvo’s ongoing gross margin improvements but maintained its Hold rating, citing concerns about flat annual growth expectations, uncertainty around Apple product sell-through, and Qorvo’s revenue concentration with key customers.
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 exceeded the forecasted $0.63 by a notable 46.03%. Additionally, Qorvo’s revenue outperformed projections, reaching $819 million compared to the anticipated $776.3 million. Needham raised its price target for Qorvo to $104, citing strong quarterly performance and content gains in Apple products. Loop Capital also increased its price target to $90, noting that Qorvo’s first-half fiscal 2026 revenue is running approximately 5% ahead of target, with gross margin improvements. TD Cowen raised its price target to $95, attributing the increase to strong radio frequency demand from flagship smartphones. These developments reflect a positive outlook for Qorvo, driven by its recent performance and analyst adjustments.
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