Citi Downgrades RF Micro Devices (RFMD) to Sell
More News related to RFMD
- RFMD(R) Announces Major Gallium Nitride (GaN) Milestones
- RFMD(R) Introduces Portfolio of Ultra-Linear Push-Pull Amplifiers for Multiple CATV Infrastructure Applications
- RFMD(R) Introduces RFFC0085 Frequency Converter IC
- After-Hours Movers 10/27: WSII, QTM, CQB, RFMD, ANAD Higher; APOL, ILMN, PSYS, SWSI, BWLD Lower
- RF Micro Devices (RFMD) Tops Q2 EPS by 4c
More News related to Downgrades
- SunTrust Downgrades CKE Restaurants (CKR) to Neutral
- Thomas Weisel Downgrades RHI Entertainment (RHIE) to Underweight; Price Target Slashed to $0.75
- Citi Downgrades Alexandria Real Estate Equities (ARE) to Hold
- RBC Capital Downgrades JA Solar (JASO) to Sector Perform
- Morgan Keegan Downgrades Zions Bancorporation (ZION) to Market Perform
Citi downgrades RF Micro Devices (Nasdaq: RFMD) from Hold to Sell. Price target lowered from $3.80 to $2.50.
Citi analyst says, "RFMD is now a restructuring story. While we like the transceiver business exit, extreme concerns with handset unit sales strength, coupled with 50% revenue dependence on price-aggressive NOK, leave us concerned with gross margin improvement potential in 2H08 and C09. Indeed, we model C09 revenue growth of 5.1% (from 6.6%; Street 10.7%), gross margins of 33.5% (80 bps below the Street’s) and EPS of $0.21 (a 19% cut; Street $0.33). Near term, we expect 3Q08 revenues will be solid and expect the 4Q08 outlook to match the Street’s top line (share gain vs ANAD), though believe 2009 has potential to disappoint through the year. The stock has held in ~25% better than a typical downturn in C2H08, so would pare positions on expected 3Q08 results strength."
RF Micro Devices, Inc. (RFMD) designs and manufactures radio frequency (RF) components and system solutions for mobile communications.
Related Categories
DowngradesStocks Mentioned
+0.28Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
