Qorvo stock downgraded after weak outlook
Canaccord Genuity analyst T. Michael Walkley downgraded Qorvo Inc. shares to hold from buy, after the company delivered a weaker-than-expected forecast. Walkley lowered his price target to $70 from $77 in a note published late Thursday, writing of the company's "disappointing initial F2020 model commentary." He expects that the company's investments in bulk-acoustic-wave solutions will eventually help margins, but he noted that Qorvo's management "has delayed the Farmers Branch site opening until C2020 and the idle costs will have an adverse impact throughout F2020." The stock is down 6% in Friday morning trading, and it's off 12% over the past three months. The S&P 500 has lost 4.2% in that time. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.