RF Micro Devices (RFMD) PT, Estimates Raised at Needham & Company on 'Beat and Raise'

Needham & Company analyst N. Quinn Bolton reiterated a Buy rating and boosted his price target on RF Micro Devices (NASDAQ: RFMD) to $14.00 (from $12.00) following a 'beat and raise' quarter.

Bolton commented, "RFMD delivered a beat and raise quarter on all metrics on strong broad-based demand, particularly from the ramp of the iPhone6/6Plus and strong 4G/LTE smartphone and wireless infrastructure demand in China. F3Q15 revenue guidance was stronger than expected as these trends are expected to continue into December. Given the strong results and margin expansion from both RFMD and TQNT, we believe the combined company will achieve a ~50+%/30+% NG GM/OM model, assuming the full $150MM in synergies are realized. With the company's revenue and GM both better than expected, we reiterate our Buy rating and are increasing our 12-month PT to $14 from $12."

The analyst raised FY 2015 EPS from $1.00 to $1.11 and FY 2016 EPS from $1.15 to $1.30.

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 $12.05 yesterday.

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