TD Cowen has trimmed its 12-month price target on Qorvo Inc. (NASDAQ: QRVO) to $80, down from $95, while retaining a Hold endorsement. The stock was trading near $79 at the time of the note, close to the new target level.
The research house’s adjustment follows Qorvo’s release of results for the December 2026 quarter, which exceeded expectations, and a simultaneously conservative outlook for fiscal 2027. Management guided to a high-single-digit percentage revenue decline year-over-year for the fiscal year, a projection that prompted a reassessment of near-term valuations.
Revenue and segment dynamics
TD Cowen attributed a substantial portion of the anticipated revenue reduction to Qorvo’s Android radio frequency (RF) business, forecasting an approximately $300 million year-over-year decline. The firm connects that drop to the company’s strategic exit from low-end sales and persistent memory pricing headwinds.
Apple-related revenue was also re-evaluated. TD Cowen now expects Apple-linked sales to be roughly flat year-over-year, a departure from prior expectations for growth. The analyst note cites share losses in Ultra High Band RF as a headwind that has been partially offset by wins tied to Apple’s 5G modem and iPad designs.
On a more positive note, TD Cowen observed that Qorvo’s High Performance Analog (HPA) business continues to deliver double-digit percentage growth. The firm also raised the prospect that gross margins could expand to above 50%.
Quarterly guidance and market reaction
Qorvo’s recent quarterly disclosure included fiscal third-quarter results that beat forecasts, driven in part by robust iPhone demand. For the March quarter, however, the company provided guidance of around $800 million in revenue, below the analyst consensus of $904 million. That guidance represents about a 19% decline from the prior quarter’s $993 million in revenue.
In response to Qorvo’s outlook, a number of brokerages have updated their targets. Piper Sandler cut its target to $90, citing a faster-than-anticipated contraction in the Android business. Craig-Hallum lowered its target to $95 but kept a Buy rating. Mizuho trimmed its target to $70, pointing to concerns about the company’s revenue guidance. Morgan Stanley reduced its target to $84 and highlighted pressures in Qorvo’s mobile-facing operations, including share loss in forthcoming iPhone models. KeyBanc retained a Sector Weight rating while recognizing the strong third-quarter performance amid Android-related headwinds.
Balance of signals
Data from InvestingPro mentioned alongside the coverage suggests the stock may be undervalued relative to a Fair Value calculation and cites analyst targets spanning $70 to $128. The same data indicate that Qorvo’s management has been actively repurchasing shares, a move commonly interpreted as leadership signaling confidence in long-term prospects.
The aggregate of mixed operational indicators, updated analyst targets and management buybacks has produced varied reactions across the broker community, leaving sentiment toward Qorvo split between cautious and opportunistic assessments.