Looking at QRVO here. The last year has basically been a round trip for the stock, drifting as low as 76 or so back in March and then shooting up past 103 recently. It's hard to ignore that kind of snapback, but I'm cautious about chasing a name that just climbed over 20 percent in a couple of months. The recent strength could be some recovery optimism in the sector, or maybe positioning ahead of earnings, but it also looks like we’re right up against resistance from last autumn’s highs.

I'm leaning neutral to slightly bullish at these levels but I’m not swinging for the fences. My target is 113.00, which is about 10 percent upside from here. That feels achievable if we see handset demand pick up or if QRVO drops some positive guidance next quarter. Their exposure to RF chips for smartphones is still a solid long term story, but it’s not exactly getting easier Apple and Samsung are still the key drivers and that’s not changing overnight.

If there’s a risk, I’d say it’s that QRVO’s recent move was just a technical catch up and not really tied to a big change in fundamentals. Last year, whenever the stock spiked, it gave some of it back a month or two later. Not impossible that happens again. If management guides down or end market demand softens, this could be dead money into the fall.

I’ll be watching the next quarterly report for any hint of gross margin improvement or commentary about new design wins. That’s the catalyst for any move above my target. But for now, I'm setting 113.00 as my mark and keeping position size small.