Qorvo's Outlook Shaped By Apple, Restructuring Moves, 6 Analysts Weigh In

Shares of Qorvo Inc QRVO recovered slightly in early trading on Wednesday, even after the company reported strong fiscal third-quarter results.

The company reported its quarterly results amid an exciting earnings season. Here are some key analyst takeaways.

Stifel On Qorvo

Analyst Ruben Roy reiterated a Hold rating, while cutting the price target from $95 to $90.

Qorvo reported its quarterly revenues and adjusted earnings at $916.3 million and $1.61 per share, meaningfully higher than Stifel's estimates of $905.2 million and $1.20 per share, respectively, Roy said in a note. HPA (High Performance Analog) strength offset weakness in other end markets, he added.

Qorvo is still in a "transition period," moving away from the lower-tier Android ecosystem and focusing on content appreciation at Apple Inc AAPL, the analyst stated. "We continue to view the diversification and overall restructuring strategy positively but, for now, we believe upside catalysts to share price remain limited," he wrote.

Needham On Qorvo

Analyst Nick Doyle reaffirmed a Buy rating and price target of $100.

Qorvo reported a strong beat and raise quarter, driven by the ACG (Advanced Cellular Group) segment and Defense business, Doyle said. The shift away from the low-margin Android business could translate to revenue headwinds of $150-$200 million each year in fiscal 2026 and 2027, he added.

The transition would lead to gross margin expansion in the long term, the analyst stated. Apple contributed around 50% of total revenues in the fiscal third quarter and remains Qorvo's "largest opportunity within ACG," he wrote.

Check out other analyst stock ratings.

JPMorgan On Qorvo

Analyst Peter Peng maintained an Underweight rating and price target of $95.

Qorvo reported "solid" results for the fiscal third quarter, "with better-than-expected demand in the ACG business and double-digit% sequential growth in HPA (led by Aerospace & defense)," Peng said. Management guided to a 7% sequential decline in revenue in the fiscal fourth quarter, which came in slightly above consensus, he added.

Management projected flattish revenues for fiscal 2026, versus consensus expectation of 4% growth, as the company exits "the lower-margin mass-tier Android market," the analyst stated. "Revenues from Apple is expected to be flat to slightly up in FY26, which is somewhat disappointing due to some mix headwind in the 1H of FY26 (consumer vs pro models) and more modest content growth in the 2H of FY26," he further wrote.

Benchmark On Qorvo

Analyst Cody Acree reiterated a Hold rating on the stock.

Qorvo reported better-than-expected results for the December quarter and "somewhat above consensus outlook" for the March quarter, Acree said. The stock came under pressure due to investor concerns around the company facing "challenges in its core smartphone market for at least the next couple years," he added.

Management guided gross margins to reach the high 40s during the September and December quarters in fiscal 2026 and expand to as high as 50% during these "seasonally strong quarters" of fiscal 2027, the analyst stated. Qorvo is still "struggling to assert itself in a persistently difficult environment," he further wrote.

Oppenheimer On Qorvo

Analyst Rick Schafer reaffirmed a Perform rating.

Qorvo's ACG revenues declined by 16% sequentially and by 25% year-on-year, Schafer said. Management is focusing on "flagship/premium at Apple/Samsung as mid-tier winds downs to ~$50M annual run-rate," he added.

The company's restructuring to streamline its business is underway, which is expected to improve gross and operating margins, the analyst stated. "We see the potential for material margin improvement over the coming Qs but remain sidelined given QRVO's 70% exposure to ex-growth handset market," he further wrote.

Raymond James On Qorvo

Analyst Srini Pajjuri reiterated a Market Perform rating on the stock.

Both the December quarter results and March quarter outlook were "ahead of our and consensus estimates," Pajjuri said. "QRVO is benefiting from iPhone 16 seasonality and strong growth in HPA, driven by Defense/ Aerospace," he added.

Management expects the HPA and CSG segments to generate double-digit growth in fiscal 2026, the analyst stated. "We are lowering our estimates due to Android headwinds and more modest revenue growth assumption at Apple," he further wrote.

QRVO Price Action: Shares of Qorvo were up 1.3% to $86.96 at the time of publication on Wednesday.

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