Qorvo price target lowered to $100 from $120 at Piper Sandler

Piper Sandler analyst Harsh Kumar lowered the firm’s price target on Qorvo (QRVO) to $100 from $120 and keeps a Neutral rating on the shares. The firm views AI compute driving the incremental growth amongst semiconductor end markets while analog and mobile-oriented names lag fundamentally. The lower price target and multiple also reflects Piper’s subdued outlook for the broader handset market in the near-term, the firm told investors in a research note. Piper noted that Qorvo has been a “standout” in terms of taking some share in the current cycle of phones and the firm sees this trend continuing.