Needham & Company Upgrades RF Micro Devices (RFMD) to Buy; New Products to Drive 2012 Growth Story

Needham & Company upgraded RF Micro Devices (NASDAQ: RFMD) from Hold to Buy with a price target of $7.00.

Needham analyst says, "In coordination with our industry report, Sorting Through the Semiconductor Pillage, we are upgrading shares of RFMD to Buy and establishing a 12-month price target of $7. RFMD has been plagued by share loss at and by Nokia (NYSE: NOK) for the past three quarters. However, with NOK now set to stabilize at between 10%-15% of RFMD revenue, our attention turns to the success RFMD has had securing design wins with other leading smartphone/handset OEMs. With share gains at Samsung (NR) and, we suspect, switch content in the upcoming next generation version of the iPhone, coupled with accelerating momentum with PowerSmart and Phenom single-mode PAs at other OEMs including RIM, HTC (NR) and LG (NR), RFMD has reached a revenue inflection point, in our opinion. With the shares oversold to a level that now offers an attractive long term entry point, we are upgrading shares of RFMD."

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 $5.45 yesterday.

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