Citi Downgrades RF Micro Devices (RFMD) to Hold, Prefers Skyworks (SKWS)
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Citi downgrades RF Micro Devices (Nasdaq: RFMD) from Buy to Hold. Price target $3.80.
Citi analyst says, "While we believe RMFD is benefiting from share gain versus competitor ANADIGICS (Nasdaq: ANAD), its exposure to Nokia (NYSE: NOK) (50% of sales) is an order and gross margin risk. We nudge 3Q08 revenues to the high end of guidance, but modestly decrease 4Q08 and 1Q09 sequential growth to allow for easing component pull. Further, our confidence is low that RFMD can appreciably improve gross margins...Skyworks (Nasdaq: SWKS) is also benefiting from share gain at ANAD's expense (at LG and Samsung) though NOK risks are much lower (7% of sales, growth off a low base). Here again, C08/09 EPS are little changed, and while we tweak our target lower on lower target multiples (Figure 2), we re-affirm a Hold rating and prefer SWKS to RFMD for a 3Q08 results momentum play."
RF Micro Devices, Inc. (RFMD) designs and manufactures radio frequency (RF) components and system solutions for mobile communications. The Company offers a range of standard and custom-designed RF components and system level solutions.
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