Today's Research Reports on Stocks to Watch: Qorvo and NVIDIA

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Accesswire 30-May-2017 8:00 AM
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NEW YORK, NY / ACCESSWIRE / May 30, 2017 / U.S. markets were relatively quiet on Friday heading into Memorial Day weekend. The Dow Jones Industrial Average declined 0.01 percent to close at 21,080.28, up 1.32 percent for the week, while the S&P 500 Index gained 0.03 percent to close at a new record of 2,415.82, up 1.43 percent for the week. Friday's close was the 20th record in 2017, already topping the number of record closes in 2016.
"The market is almost eerily quiet. The only thing that tends to move the markets - at least recently - is political news," said Tim Courtney, Chief Investment Officer of Exencial Wealth Advisors, according to Reuters. "For the most part, investors have come to a consensus that there's not going to be recession in the U.S. in 2017, and Europe is strong enough where they're not going to have a recession this year. So the big fear of a recession has been taken off the table."
RDI Initiates Coverage on:
Qorvo Inc. https://ub.rdinvesting.com/news/?ticker=QRVO
NVIDIA Corp. https://ub.rdinvesting.com/news/?ticker=NVDA
Qorvo's shares declined 1.26 percent to close at $77.84 a share on Friday. The stock traded between $77.76 and $78.88 on volume of 1.35 million shares traded. Cowen has recently raised its price target on the stock to $85 from $75. Qorvo reported GAAP revenues were $643 million for the fourth quarter of fiscal 2017, an increase of 5.7 percent year-over-year. The company forecasts revenues to be in the range of $610 million to $650 million for the June 2017 quarter. Shares of Qorvo have gained approximately 47.62 percent year-to-date.
"In the fourth quarter, Qorvo delivered revenue and margins above consensus and earnings at the high end of our guidance range. While our June quarter guidance reflects weaker than anticipated near-term demand in China, we see strong revenue growth, gross and operating margin expansion, and a doubling of free cash flow for fiscal year 2018," commented Mark Murphy, Chief Financial Officer of Qorvo.
Access RDI's Qorvo Research Report at: https://ub.rdinvesting.com/news/?ticker=QRVO
NVIDIA's shares increased 2.59 percent to close at $141.84 a share on Friday. The stock traded between $137.11 and $145.28 on volume of 19.48 million shares traded. Shares of the company jumped last week after Bloomberg reported SoftBank Group Corp. may be considering raising its stake in Nvidia, citing people familiar with the matter. "While we don't comment on rumors about our investments, we consider ourselves long-term partners to companies, whether private or public," SoftBank said in an emailed statement to Bloomberg. Shares of NVIDIA have risen 32.9 percent year-to-date.
Access RDI's NVIDIA Research Report at: https://ub.rdinvesting.com/news/?ticker=NVDA
Our Actionable Research on Qorvo Inc. (NASDAQ: QRVO) and NVIDIA Corp. (NASDAQ: NVDA) can be downloaded free of charge at Research Driven Investing.
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