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Wednesday, January 25, 2012 9:10:19 AM
9:03 am ET 01/25/2012 -
Needham & Company maintains a 'Buy' on RF Micro Devices (NASDAQ: RFMD) price target of $6.00.
Needham analyst says, "Though RFMD reported F3Q12 results in-line with revised guidance, the outlook for F4Q12 fell below expectations due to continued weakness in the China 2G market. Despite the disappointing results, we encourage investors to focus on the company s 3G/4G revenue that has nearly tripled in three quarters driven by market share gains made by the company s PowerSmart, Phenom and switch and antenna control products. As we believe RFMD will continue to gain share with its 3G/4G components, the overall market in China will recover in the June quarter and the company will benefit from the transition by Chinese manufacturers from 2G to 3G phones where RFMD has strong reference design positions with each of the leading baseband suppliers, we expect a strong recovery in RFMDs revenue beginning F1Q13."
"We have reduced our FY12 and FY13 estimates to $868MM/$0.18 and $900MM/$0.27 from $888MM/$0.22 and $935MM/$0.30, respectively."
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