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Prudential Keeps Buy on Alpha Industries

Prudential Securities reiterates its buy rating on Alpha Industries (AHAA) after the company said it will acquire Conexant's (CNXT) wireless business.

Analyst John Barton says he likes the deal. He notes that the directors of both companies have approved the merger agreement and says Alpha shareholders will own 33% of combined entity and Conexant will own the remaining 67%. He views Alpha CEO Dave Aldrich's becoming CEO of the new company as a plus. He believes that the merger combines a leader in GaAs RF switches with Conexant, a leader in power amplifiers.

Barton thinks Conexant should give Alpha exposure to leading wireless handset OEM Nokia. He says that the combined revenue of the companies exceeds industry leader RF Micro Devices (RFMD).

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