Qorvo Inc

QRVO: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$Q	LOCK\|c$%	LOCK\|&>>t$l%

Qorvo Earnings: We’re Impressed With Likely Content Gains at Apple; Maintain $128 Fair Value

Brian Colello

Aug 3, 2023

Qorvo reported fiscal first-quarter results which, while dismal, came in ahead of our expectations. More importantly, Qorvo provided investors with a rosy outlook, thanks to upcoming content gains in Apple’s next slate of iPhones. Management also affirmed it is on track to reach its fiscal 2024 targets, including annual growth despite the slow start to the year. We maintain our $128 fair value estimate for no-moat Qorvo and view the shares as slightly undervalued.

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Qorvo Inc

Qorvo Earnings: We’re Impressed With Likely Content Gains at Apple; Maintain $128 Fair Value

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