Qorvo, Inc. (NASDAQ:QRVO) was downgraded at Oppenheimer to Perform from Outperform given the lack of obvious growth/upside near-term catalysts.

The analysts mentioned that their upgrade on the company in July 2020 was mainly driven by the 5G RAN content/share gains expectations, however, 5G upside has been slow to materialize.

The analysts believe that Handset (the company is now 80% exposed to handset/mobile) is a large market with 1.6 billion units/year, but it is largely an ex-growth mature market with component suppliers dependent on sustained content gains for growth.

The analysts see limited content gains for the company this year, with content opportunities limited at Apple and increased competition from QUALCOMM Incorporated in China Android.