Hari is bullish on the company because of changing sentiment about the smartphone market, which he said is showing signs of stabilization as the near-term upside in China is likely to offset weakness at Apple (AAPL) - Get Report .
Hari also raised the company's price target to $79 per share from $66, representing a 14.2% upside from the stock's previous closing price. Qorvo was rising nearly 6% to $73.11 in trading Thursday.
Qorvo recently provided guidance for a 47% non-GAAP gross margin for the current quarter, which is 170 points below consensus. Hari sees a margin expansion opportunity in the numbers, predicting an expansion over the next one to two years
Goldman's rating on the stock is above the Wall Street consensus, with 58% of Qorvo analysts with neutral ratings and 4% with sell ratings.
Qorvo ran into trouble at the end of 2018 after the Apple supplier slashed its third-quarter forecast after the iPhone maker warned that holiday season sales would miss Wall Street expectations.
Year to date, Qorvo's stock has risen more than 20%.
Apple is a holding in Jim Cramer's Action Alerts PLUS charitable trust.
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