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Qorvo, Inc. (QRVO), with a market cap of $10.09 billion, is a provider in the technology and semiconductor industry. Headquartered in Greensboro, North Carolina, Qorvo specializes in designing, manufacturing, and supplying innovative radio frequency (RF) solutions for advanced wireless devices, defense radar systems, and communications infrastructure.
Qorvo has significantly underperformed the broader market over the last year. The stock has gained 5.3% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 19.7%. However, in 2024, the stock has lost 4.7%, compared to SPX's 12.1% gains on a YTD basis.
Narrowing the focus, QRVO outperformed the SPDR S&P Semiconductor ETF (XSD) over the past year. The exchange-traded fund has gained 3.3% over this period. However, the stock's YTD loss marginally lagged the ETF’s 4.6% decline over the same time frame.
On Jul. 30, Qorvo reported its Q1 results. The stock declined 2.5% on the day it released earnings. The company reported net income of $83.50 million or $0.87 per share, down from $135.5 million or $1.39 per share in the year-ago quarter.
For the current fiscal year, ending in March 2025, analysts expect QRVO’s EPS to decline 2.8% to $4.84 on a diluted basis. The company's earnings surprise history is robust. It beat the consensus estimate in each of the last four quarters.
Among the 22 analysts covering QRVO stock, the consensus rating is a “Hold.” That’s based on four “Strong Buy” ratings, two “Moderate Buys,” 13 “Holds,” one “Moderate Sell,” and two “Strong Sells.”
The mean price target of $123.95 represents a 15.5% premium to QRVO’s current price levels. The Street-high price target of $156 suggests an upside potential of 45.4%.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
