Qorvo price target lowered to $85 from $100 at Piper Sandler

Piper Sandler analyst Harsh Kumar lowered the firm’s price target on Qorvo (QRVO) to $85 from $100 and keeps a Neutral rating on the shares. The firm notes Qorvo reported September quarter earnings which were above expectations, while guidance for the December quarter was well below estimates. On the call, management outlined that there is a mix shift ongoing within the Android market towards entry level products and out of mid-tier phones. Piper notes that Qorvo did not comment on changes to handset unit volumes going forward. As a result, Qorvo expects year-over-year revenue declines of low single digits for the current fiscal year, the firm adds.