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UPDATE: Canaccord Genuity Starts RF Micro Devices (RFMD) at Hold; Turning The Corner

June 22, 2012 7:09 AM EDT Send to a Friend
Get Alerts RFMD Hot Sheet
Price: $11.84 -2.71%

Rating Summary:
    15 Buy, 7 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 24 | New: 21
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(Updated - June 22, 2012 8:29 AM EDT)

Canaccord Genuity initiates coverage on RF Micro Devices (NASDAQ: RFMD) with a Hold. PT $4.50.

Analyst, T. Michael Walkley, said, "We believe RFMD’s business trends are starting to turn after a F2012 of declining revenue due to softer sales to Nokia (NYSE: NOK) combined with slowing 2G sales in China. With our expectation that the growing mix of 3G and 4G smartphones will drive strong growth for the RFIC TAM – combined with RFMD’s PowerSmart, Phenom, and switch and antenna solutions driving recovering share for the company – we believe RFMD is positioned to return to growth in F2013 and F2014. While we believe RFMD’s business trends are improving and we have a positive bias for longer-term investors, the current valuation leads us to initiate coverage with a HOLD."

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 $3.97 yesterday.




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