Needham & Company Downgrades RF Micro Devices (RFMD) to Hold

Needham & Company downgraded RF Micro Devices (NASDAQ: RFMD) from Buy to Hold.

Analyst N. Quinn Bolton commented, "With RFMD shares up 224% YTD in 2014, vs. 30.3% for the SOX Index and 15.1% for the NASDAQ Composite, and trading above our prior price target of $16.50, based on a 12x multiple of anticipated CY16E non-GAAP EPS adjusted to reflect the merger with TriQuint Semiconductor, we prefer to move to the sidelines to see if the market presents an opportunity to buy shares lower in C1H15. We downgrade shares to Hold from Buy and remove our 12-month PT."

For an analyst ratings summary and ratings history on RF Micro Devices click here. For more ratings news on RF Micro Devices click here.

Shares of RF Micro Devices closed at $16.73 yesterday.

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