Qorvo Inc. shares fell Thursday while the broader market rallied after analysts said inventory digestion will likely hamper the radiofrequency chip maker until the second half of the year.
Qorvo QRVO shares fell nearly 10% Thursday to an intraday low of $102.60, a drop of 6%. The S&P 500 index SPX , meanwhile, was up more than 1%, and the tech-heavy Nasdaq Composite Index COMP was up nearly 3%. Ramsay, who has a market perform and a $100 price target, said that gross margins were being hit “by lower utilization as Android ecosystem continues to chew through inventory, with commensurate impact on EPS,” and called for “more of the same” before a potential snap-back by the end of September.
Morgan Stanley analyst Joseph Moore, who has an equal-weight rating and a $110 price target, said that while Qorvo’s inventory correction has dragged out for five to six quarters, “visibility remains low.” Recently, Gartner forecast that mobile phone shipments worldwide would fall 4% to 1.34 billion units in 2023, following an 11% drop in 2022.
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