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Thursday, May 7, 2015

Stock Alerts -Skyworks (SWKS +2.1%), Avago (AVGO +5.1%) rally as Qorvo (QRVO +9%) beats estimates, gets upgraded- 5/7/15


Skyworks, Avago rally as Qorvo beats estimates, gets upgraded
  • Just as Qorvo (QRVO +9%) and Avago (AVGO +5.1%) rallied in response to Skyworks' (SWKS +2.1%) beat-and-raise FQ2 report last week, Skyworks and Avago are rallying today after Qorvo beat FQ4 estimates with the help of strong iPhone 6-related sales, and offered above-consensus FQ1 guidance.
  • Needham's Quinn Bolton has upgraded Qorvo to Buy, and set an $88 target. Bolton: "Management expects continued robust revenue growth in C2H15 as it has high visibility into the major Tier 1 OEM platform launches later this year. Additionally, QRVO expects continued 4G adoption in the emerging markets to drive strong growth in F1Q16 and C2H15, echoing recent peer commentary."
  • He also notes Qorvo now expects to exceed prior RF Micro/TriQuint merger synergy targets, and that its 2H15 gross margin and op. margin could respectively top targets of 50% and 30%. "We believe QRVO's valuation multiple has yet to reflect the greater than expected synergies, revenue growth and operating leverage."
  • Qorvo is now aiming for more than $150M/year in synergies by the end of 2016. Major FQ4 design wins included a diversity switch module for a flagship Android phone set to launch in 2H15, and power amplifier wins for major base station and an 802.11ac Wi-Fi chipset. The company asserts the merger is helping it develop integrated RF front-end solutions combining amplifiers, filters, and diversity modules.

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