RF Micro Devices (RFMD) PT Ratcheted Higher at Canaccord Genuity

Canaccord Genuity analyst Michael Walkley reiterated a Buy rating on RF Micro Devices (NASDAQ: RFMD) and boosted his price target from $7.25 to $9.25 following Triquint Semiconductor (NASDAQ: TQNT) results after the close.

Walkley said “We believe the RFMD and TriQuint merger remains on track and the new entity will have significantly improved scale, a leading RFIC portfolio, and an improved operating model through increased scale and operating cost efficiencies.”

Mr. Walkley added “In Mobile Devices, the combined company could leverage its leading position with the three leading major constituents of the smartphone ecosystem including Apple, Samsung and the Chinese smartphone OEM market. In the higher margin Defense & Aerospace and Networks Infrastructure businesses, we believe the combined entity will be well positioned for stable long-term growth through its industry leading GaN-based and optical product portfolios.”

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 $7.95 yesterday.

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