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Brean Capital Analyst Remains Bullish on Qorvo Inc (QRVO) Following Impressive Fiscal Q1

Brean Capital analyst Mike Burton weighs in on shares of semiconductor company Qorvo Inc (NASDAQ:QRVO) following the company’s first quarter results for the fiscal year of 2017. On the back of sustained revenue and earnings momentum, the analyst reiterates his Buy rating, suggesting a $62.00 price target.

The company reported revenues of $698.5 million, beating consensus estimates of $650 million. Burton attributes these revenue upsides to strength in sales in the Chinese market as well as gains in Apple content from the iPhone 6SE. Quorvo’s handsets served as a driving factor in mobile product revenue surges along with the bolstered support of wifi products. Operating expenses were up as a result of investment raises in high performance filters leading to earnings per share of $1.08, just over the Street’s projection of $1.05.