Qorvo Analysts Slash Their Forecasts After Q3 Results

Financial Performance - Qorvo reported third-quarter earnings of $1.61 per share, exceeding the analyst consensus estimate of$1.20 [1] - Quarterly revenue reached $916.3 million, surpassing the analyst consensus estimate of$901.51 million [1] Strategic Initiatives - The company is executing a broad set of strategic initiatives aimed at expanding margins, generating strong free cash flow, and increasing shareholder value [2] - Qorvo continued to support its largest customer, which accounted for approximately 50% of sales during the December quarter [2] Future Guidance - For the fourth quarter, Qorvo projects revenue between $825 million and$875 million, compared to the $841.2 million estimate [3] - Adjusted earnings are expected to be between 90 cents and$1.10 per share, exceeding the 86-cent estimate [3] Analyst Ratings and Price Targets - Citigroup analyst Atif Malik maintained a Sell rating and lowered the price target from $72 to$69 [4] - Stifel analyst Ruben Roy maintained a Hold rating and reduced the price target from $95 to$90 [4] - Needham analyst Quinn Bolton reiterated a Buy rating with a maintained price target of $100 [4]