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WR Hambrecht Starts RF Micro with 'Buy'

WR Hambrecht initiates coverage of RF Micro Devices (RFMD) with buy and a $28 target.

Analyst Satya Chillara says RF Micro is a leading radio frequency integrated circuit (RFIC) maker with 25% market share in power amplifier modules. She notes more than 90% of revenues come from the wireless communication market segment. Chillara thinks RF Micro is well positioned to grow its market share in the power amplifier market, mainly because of technological dominance and its relationship with Nokia.

She notes the company is making in-roads into other wireless handset makers such as Motorola and Ericsson, as well as penetrating other markets like wireless local area networks (WLAN) and Global Positioning System (GPS) to reduce handset exposure. She sees $0.20 for fiscal 2003 (March) EPS, and $0.37 for fiscal 2004.

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