Qorvo Inc

QRVO: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$156.00	Nmc	Fdrtvzdb

Qorvo Earnings: Prospering From Content Gains at Apple and an Android Recovery

Brian Colello

Nov 2, 2023

No-moat Qorvo reported fiscal second-quarter results ahead of our expectations while providing investors with solid guidance for the December quarter and beyond. We’re encouraged by management’s comments that it expects to recover toward its long-term adjusted gross margin target of 50%. We maintain our $128 fair value estimate and continue to view shares as undervalued.

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