Qorvo (QRVO) has been under significant scrutiny over recent months following a number of
adverse financial events. Despite topping Q2 EPS by 4c and providing guidance, the share price had suffered, affected by falling demand for their semiconductors within the Android sector. After reporting Q2 results and Q3 forecast which were below expectation, Qorvo's stock fell around 25%, driven by significantly lowered price targets by various analysts such as Barclays, Piper Sandler, and Goldman Sachs.
Weak earnings and pessimistic Q3 guidance caused the stock to
decline further. Despite strong revenue growth amidst market challenges, the shift to cheaper chips shook investor confidence. The recent
downtrend is fuelled by State of Alaska Department of Revenue selling Qorvo shares and multiple downgrades from firms like Benchmark, Raymond James, and BNP Paribas Exane. With a series of analyst downgrades, unimpressive performances, and lowered price targets, Qorvo faces
significant challenges ahead as it attempts to regain investor trust.
Qorvo QRVO News Analytics from Tue, 30 Apr 2024 07:00:00 GMT to Sat, 02 Nov 2024 08:42:19 GMT -
Rating -8
- Innovation -6
- Information 4
- Rumor 3
