Qorvo downgraded to Hold at Benchmark on Apple softness, entry-tier shift

As previously reported, Benchmark downgraded Qorvo (QRVO) to Hold from Buy and removed the firm’s prior price target citing less than expected leverage to Apple’s (AAPL) new iPhone 16 family as well as “a pervasive and persistent industry shift” away from more profitable mid- and premium-tier handsets toward more value-priced entry-tier models. While the company posted modest upside for its September quarter, it gave softer than expected guidance for its December period and Qorvo discussed that it is seeing some unfavorable trends at its largest customers regarding unit volumes, content by model, and ramp profiles, the analyst tells investors.