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Lehman Upgrades RF Micro to 'Equal-Weight'

Lehman Brothers upgraded RF Micro Devices (RFMD) to equal-weight.

Analyst Joseph To says while he still has some concerns over a potential inventory build in the first half of 2003, he believes the stock price is already discounting for this scenario. Recent comments from RF Micro's management gives him additional confidence that the chip maker has the ability to grow faster than the handset industry.

RF Micro, which makes chips for wireless communications applications such as cordless and cell phones and wireless security products, continues to marginalize other players in the radio frequency integrated circuits industry as well as the faster-growing original design manufacturer market. He thinks RF Micro's fourth quarter fiscal 2003 (March) should represent a bottom in gross margin and revenue as cost reduction activities and product momentum in growing markets will drive revenue and earnings per share growth for the rest of the year.

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