Needham & Company Maintains a 'Hold' on RF Micro Devices (RFMD); Lowering Our Estimates On Ongoing Share Shifts in the Smartphone Market
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Price: $16.59 --0%
Rating Summary:
12 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 13 | New: 1
Rating Summary:
12 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 13 | New: 1
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Needham & Company maintains a 'Hold' on RF Micro Devices (NASDAQ: RFMD).
Needham analyst says, "In coordination with our industry report, Summer Earnings Preview: Wait For the Event, Then Buy The News, we are modestly reducing our estimates for RFMD to reflect below seasonal growth in C3Q11. We believe continued softness at Sony Ericsson (N/R), Nokia (NYSE: NOK), RIM (Nasdaq: RIMM) and LG (NYSE: LGL) (N/R) may pressure RFMD guidance. Because RIM has delayed the release of its new Blackberry models utilizing RFMD’s PowerSmart converged PA and Phenom high efficiency single-mode PAs to the September-December time frame, and because new Blackberry sales continue to rapidly decline, we believe this pushes some new PowerSmart and Phenom revenue into C4Q11 from C3Q11. As such, we would encourage investors to remain on the sidelines ahead of earnings. Beyond earnings, we note that RFMD will have a compelling story to tell with share gains at Samsung (N/R), LG, RIMM and at other OEMs following QUALCOMM (Nasdaq: QCOM) (N/R) reference designs." (FY12 EPS estimate lowered from $0.36 to $0.35 and FY13 from $0.55 to $0.53...FY12 revenues lowered from $925.0M to $910.0M and FY13 from $1,075.0B to $1,060.0B)
For more ratings news on RF Micro Devices click here and for the rating history of RF Micro Devices click here.
Shares of RF Micro Devices closed at $6.01 yesterday.
Needham analyst says, "In coordination with our industry report, Summer Earnings Preview: Wait For the Event, Then Buy The News, we are modestly reducing our estimates for RFMD to reflect below seasonal growth in C3Q11. We believe continued softness at Sony Ericsson (N/R), Nokia (NYSE: NOK), RIM (Nasdaq: RIMM) and LG (NYSE: LGL) (N/R) may pressure RFMD guidance. Because RIM has delayed the release of its new Blackberry models utilizing RFMD’s PowerSmart converged PA and Phenom high efficiency single-mode PAs to the September-December time frame, and because new Blackberry sales continue to rapidly decline, we believe this pushes some new PowerSmart and Phenom revenue into C4Q11 from C3Q11. As such, we would encourage investors to remain on the sidelines ahead of earnings. Beyond earnings, we note that RFMD will have a compelling story to tell with share gains at Samsung (N/R), LG, RIMM and at other OEMs following QUALCOMM (Nasdaq: QCOM) (N/R) reference designs." (FY12 EPS estimate lowered from $0.36 to $0.35 and FY13 from $0.55 to $0.53...FY12 revenues lowered from $925.0M to $910.0M and FY13 from $1,075.0B to $1,060.0B)
For more ratings news on RF Micro Devices click here and for the rating history of RF Micro Devices click here.
Shares of RF Micro Devices closed at $6.01 yesterday.
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