Morgan Stanley downgrades Qorvo to 'equal weight' rating

Qorvo

11/10/2024 18:59

** Morgan Stanley downgrades chip company Qorvo  QRVO.O  to
"equal weight" from "overweight" rating; cuts PT to $120 from
$130 
    ** Brokerage expects weak android supply chain and weak
broad market conditions to hurt the company
    ** Morgan Stanley says muted smartphone demand to hit QRVO's
growth
    ** 7 of 27 brokerages rate the stock "buy" or higher, 17
"hold" and 3 "sell" or "strong sell"; their median PT is $120 —
data from LSEG
    ** Including session's moves, stock down ~9.7% YTD

 (Reporting by Prakhar Srivastava in Bengaluru)
 ((Prakhar.srivastava2@thomsonreuters.com))