Analysts Just Trimmed Their Price Targets of These 5 Stocks

In this article, we discuss the 5 stocks that recently received price-target cuts from analysts. If you want to see some other companies receiving downgrades, go directly to Analysts Just Trimmed Their Price Targets of These 10 Stocks. 

5. Qorvo, Inc. (NASDAQ:QRVO)

Number of Hedge Fund Holders: 33

Shares of Qorvo, Inc. (NASDAQ:QRVO) fell over three percent on Monday, July 11, 2022, after Cowen trimmed its price target for the Greensboro-based semiconductor company from $150 per share to $108 per share.

Cowen analyst Matthew Ramsay expects the current macro environment to negatively impact the global smartphone market. Ramsay lowered his smartphone shipment outlook for the current and next year. He also downgraded Qorvo, Inc. (NASDAQ:QRVO) from “Outperform” to “Market Perform.”

Earlier this year, investment management firm Vulcan Value Partners mentioned Qorvo, Inc. (NASDAQ:QRVO) in its first-quarter 2022 investor letter, stating:

“Qorvo Inc. is one of the two major providers of radio frequency RF systems which are critical components of mobile devices including smart phones and the Internet of Things (IoT). Two transitory concerns have recently affected the company’s stock price. First, supply chain issues continue to be a constraint. Second, Apple recently announced its decision to decrease production of its iPhone SE model. Neither of these issues threatens their long-term competitive position. Qorvo’s value is stable and despite the recent pressure on the stock price, we feel its long-term prospects are promising.”