Qorvo Analysts Cut Their Forecasts After Weak Outlook
Portfolio Pulse from Avi Kapoor
Qorvo, Inc. (NASDAQ:QRVO) exceeded Q4 earnings and sales expectations but provided a weaker forecast for the next quarter, leading to a 4.2% drop in its shares. The company anticipates lower revenue and adjusted earnings for Q1 compared to analyst estimates. Following this, Needham, Mizuho, and Susquehanna adjusted their price targets on Qorvo, reflecting a cautious outlook.
May 02, 2024 | 1:05 pm
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Qorvo reported higher than expected Q4 earnings and sales but issued a weaker Q1 forecast, leading to a share price drop and adjusted analyst price targets.
Qorvo's share price decline and the subsequent adjustment of price targets by analysts such as Needham, Mizuho, and Susquehanna are direct consequences of its weaker than expected Q1 forecast. This outlook suggests potential challenges in revenue and earnings, influencing investor sentiment negatively in the short term.
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