Qorvo (QRVO) Stock Slides After Mizuho Downgrade
NEW YORK (TheStreet) -- Shares of Qorvo (QRVO) - Get Report are slipping 1.83% to $54.25 on Friday afternoon after Mizuho Securities cut its rating on the shares to "neutral" from "buy," the Fly reports.
The firm has a $55 price target on the Greensboro, NC-based semiconductor company, which is an iPhone supplier.
Mizuho cited macro uncertainties surrounding Britain's decision to leave the European Union, a muted demand environment in the second half of the year, a seasonally weaker Samsung and China handset market and share loss in QCT, according to the Fly.
The firm also downgraded fellow Apple (AAPL) iPhone supplier Skyworks Solutions (SWKS) to "neutral" from "buy" and reduced its price target to $68 from $99 on the stock.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins.
But the team also finds weaknesses including deteriorating net income, disappointing return on equity and a generally disappointing performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: QRVO