Analyst Note| Brian Colello, CPA |
Qorvo reported strong fiscal fourth quarter results and provided investors with an upbeat outlook for both the June quarter and all of fiscal 2022 (ending March). The strong outlook is consistent with its rival Skyworks last week and in line with Apple’s strong iPhone 12 launch and Qorvo’s radio frequency, or RF, chip content within these 5G smartphones. We raise our fair value estimate to $180 from $160, partially due to the time value of money as we roll our model, and also more optimistic near-term assumptions. Shares appear fairly valued to us.