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Summary

Qorvo is executing a recovery, with gross margins already at the FY2028 target of 47% and net debt set to vanish within a year.

QRVO trades at a 2-turn EV/EBITDA discount to Qualcomm despite comparable or superior margin performance, offering a compelling re-rating opportunity.

The base case price target is $120 (+43%), with bull and bear scenarios at $175 (+109%) and $54 (−35%), respectively, driven by DCF and peer multiples.

Apple concentration remains the principal risk; position sizing should reflect potential dual-sourcing impacts on revenue and margins.

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