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CIBC Lowers RF Micro to 'Sector Underperform'

CIBC World downgraded RF Micro Devices (RFMD) to sector underperform from sector perform.

Analyst Dale Pfau says he's downgrading RF Micro due to cost challenges on its primary module product line, delays in bringing tranceiver offerings to market, and an uphill battle in the wireless local area network market. He notes fourth quarter results are in line.

Pfau says while he thinks RF Micro has strong market share in wireless handset PA modules, a technology misstep could lead to significant market share losses. He widened the 4 cent fiscal 2004 (Mar.) loss estimate to a 13 cent loss. He sees a 3 cent fiscal 2005 loss. Pfau also finds the stock to be expensive at about $5.

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