UPDATE: Oppenheimer Upgrades RF Micro Devices (RFMD) to Outperform, Risk/Reward Skewed Favorably

March 26, 2013 6:50 AM EDT
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Price: $16.59 --0%

Rating Summary:
    16 Buy, 7 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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(Updated - March 26, 2013 9:39 AM EDT)

Oppenheimer today upgraded RF Micro Devices (NASDAQ: RFMD) from Perform to Outperform with a price target of $7.00. Analyst Rick Schafer made note of RF Micro's spotty history, but he thinks this could be skewing risk/reward favorably.

"RFMD's checkered past is, in part, tied to its one-time overreliance on Nokia (NYSE: NOK). Over the past 2-3 years, however, RFMD has de-risked NOK from 50%-plus to ~5% of sales," said Schafer.

Apple (Nasdaq: AAPL) and Samsung now account for 30 to 40 percent of sales, with most other Tier-1 handset customers accounting for 5 percent of sales each.

"We look for RFMD to sustain/gain content on high-profile product refreshes through 2013 . . . we would be buyers here," concluded Schafer.

For an analyst ratings summary and ratings history on RF Micro Devices (NASDAQ: RFMD) click here. For more ratings news on RF Micro Devices click here.

Shares of RF Micro Devices closed at $4.91 yesterday.

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