Qorvo price target lowered to $85 from $90 at UBS

UBS analyst Timothy Arcuri lowered the firm’s price target on Qorvo (QRVO) to $85 from $90 and keeps a Neutral rating on the shares. The decision to exit the mid-tier Android market in China seems strategically smart over the longer term, but the mobile business is likely to remain a bit of an anchor for at least the next few years as Qorvo competes with Skyworks (SWKS) to convert its R&D efforts at Apple (AAPL) into a few extra dollars of content to make up for the $300-400M in revenue it loses from China, the analyst tells investors in a research note. The recent emergence of an activist may help to keep the plan on track, or potentially drive additional restructuring actions, but it is still hard to see a big catalyst to drive an estimate revision cycle, the firm says.