** Shares of chipmaker Qorvo up 3.1% to $86.84 early Tues after Morgan Stanley upgrades to 'overweight' from 'equal-weight' in wake of Starboard taking a big stake ** QRVO shares on Fri closed up >14% after the activist investor revealed 7.7% stake worth more than $500 mln, looking to boost the Apple supplier's weak share price
** Morgan Stanley boosts PT on QRVO from $90 to $106, implying ~26% upside to stock's last close
** QRVO has struggled to achieve margin targets, but activist involvement could '"inject some urgency" and unlock value, Morgan Stanley analyst Joseph Moore wrote in note
** Moore sees potential for a "renewed earnings recovery path," adding he believes QRVO can achieve $9.63 in EPS if strategy shifts from a "growth through diversification" mindset into one that optimizes around co's core radio frequency proficiency
** Of 28 analysts covering QRVO, recommendation breakdown is 4 "strong buy" or "buy", 21 "hold" and 3 "sell" or "strong sell", per LSEG data
** Median PT of $87.13 down from $120 on Oct 21
** With move on the session, shares up ~24% YTD. In 2024, stock shed 38% while Philadelphia Semiconductor index advanced 19%
(Lance Tupper is a Reuters market analyst. The views expressed are his own) ((lance.tupper@tr.com 1-646-279-6380))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.