Needham & Company Reiterates a 'Hold' on RF Micro Devices (RFMD); PowerSmart Appears on Track But We Are Remaining on The Sidelines

Needham & Company reiterates a 'Hold' on RF Micro Devices (NASDAQ: RFMD).

Needham analyst says, "RFMD reported F1Q12 results ahead of our and consensus estimates as the core business rose 10%+ Q/Q to offset the declining transceiver business at Nokia (NYSE: NOK). The PowerSmart ramp is on track and RFMD is seeing accelerating momentum as customers and baseband partners have begun to come around to converged front end architectures. With the transceiver business now immaterial to revenue, the company appears poised for a strong growth trajectory led by the subsequent ramps of PowerSmart and Phenom single-mode PAs. But we are remaining on the sidelines until NOK is done bleeding market share and until LG (NYSE: LPL) and RIM (Nasdaq: RIMM), two of the initial adopters of PowerSmart, can reverse share losses of their own."

For more ratings news on RF Micro Devices click here and for the rating history of RF Micro Devices click here.

Shares of RF Micro Devices closed at $6.45 yesterday.

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