Qorvo Analysts Slash Their Forecasts After Q3 Results

Qorvo, Inc. QRVO reported better-than-expected third-quarter financial results after Tuesday’s closing bell.

Qorvo reported quarterly earnings of $1.61 per share, which beat the analyst consensus estimate of $1.20. Quarterly revenue came in at $916.3 million, which beat the analyst consensus estimate of $901.51 million.

"Qorvo is executing on a broad set of strategic initiatives to expand margin, generate strong free cash flow and increase shareholder value. During the December quarter, we continued to successfully support our largest customer, who represented approximately 50% of sales," said Bob Bruggeworth, president and CEO of Qorvo.

Qorvo sees fourth-quarter revenue in a range of $825 million to $875 million, versus the $841.2 million estimate, and adjusted earnings of between 90 cents and $1.10 per share, versus the 86-cent estimate.

Qorvo shares closed at $85.78 on Tuesday.

These analysts made changes to their price targets on Qorvo following earnings announcement.

• Citigroup analyst Atif Malik maintained Qorvo with a Sell and lowered the price target from $72 to $69.
• Stifel analyst Ruben Roy maintained Qorvo with a Hold and cut the price target from $95 to $90.
• Needham analyst Quinn Bolton, meanwhile, reiterated Qorvo with a Buy and maintained a $100 price target.

Considering buying QRVO stock? Here’s what analysts think:

Read This Next:

• How To Earn $500 A Month From Meta Platforms Stock Ahead Of Q4 Earnings