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Qorvo Inc QRVO

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Qorvo Still Prospering From Rising 5G Content; Raising FVE to $180 From $160

Brian Colello, CPA Sector Director

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.

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Company Profile

Business Description

Qorvo represents the combined entity of RF Micro Devices and TriQuint Semiconductor, which merged with one another in January 2015. The company specializes in radio frequency filters, power amplifiers, and front-end modules used in many of the world’s most advanced smartphones. Qorvo also has a suite of products sold into a variety of nonsmartphone end markets, such as wireless base stations, cable TV and networking equipment, and infrastructure and military applications.

Contact
7628 Thorndike Road
Greensboro, NC, 27409-9421
T +1 336 664-1233
Sector Technology
Industry Semiconductors
Most Recent Earnings Mar 31, 2021
Fiscal Year End Apr 2, 2022
Stock Type Cyclical
Employees 9,100

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