UPDATE: MKM Partners Starts RF Micro Devices (RFMD) at Buy

(Updated - September 24, 2014 10:54 AM EDT)

MKM Partners initiated coverage on RF Micro Devices (NASDAQ: RFMD) with a Buy rating and a price target of $15.00.

Analyst Ian Ing said, "We see SWKS as a beneficiary of a “golden age” of RF. See our broader note on how a growing RF TAM opportunity and healthier landscape provides large suppliers with “enough food on the table for all to eat well.” Specific to SWKS, we like: (1) its Panasonic FilterCo JV benefits to gross margin and technology access; (2) a greater line of sight to smartphone opportunities as RF now essentially co-develops with OEMs; and (3) its solid track record on execution and operating model improvement helping to achieve $5 EPS earlier than expected. The main risk we see is its ability to participate in fast-growing integration opportunities around BAW/FBAR filters as its insource/outsource procurement may fall short of AVGO (Buy, $87.86, $88 PT) and TQNT (NR, $19.34) offerings (though a FilterCo JV road map could become promising)."

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 $11.73 yesterday.

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