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JP Morgan Lowers RF Micro to 'Market Perform'

JP Morgan downgraded RF Micro Devices (RFMD) to market perform from buy.

Analyst Ed Snyder downgraded as he says the company's end market is not likely to grow sequentially into the second quarter. He notes order pushouts for PA modules leads to a $10 million revenue shortfall. He also says the company didn't say which customer pushed out orders, but based on size and part characteristics, he thinks it is Nokia, which accounts for 50%-55% of revenue. Snyder also thinks RF Micro's new product introduction delays at Nokia, rather than a large downturn in handset demand, is the reason for order pushout. Snyder cut his $0.18 fiscal 2003 (March) EPS estimate to $0.06, and cut the $0.30 fiscal 2004 estimate to $0.17.

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