Qorvo Inc

QRVO: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$311.00	Qtgh	Fwzmvsjc

Qorvo Earnings: Maintaining $128 Fair Value Estimate As We’re Encouraged by the Android 5G Recovery

Brian Colello

Feb 1, 2024

No-moat Qorvo reported fiscal third-quarter results ahead of our expectations, with a forecast for the March quarter modestly below our expectations. Despite the outlook, we are encouraged by the company’s content within Samsung’s upcoming Galaxy S24 smartphone launch, as well as Qorvo’s position among Android-based smartphone original equipment manufacturers in China. We maintain our $128 fair value estimate and continue to view shares as undervalued.

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