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Friedman Raises RF Micro Devices to 'Outperform'

Friedman Billings upgraded RF Micro Devices (RFMD) to outperform from market perform.

Analyst Chris Versace says the company is benefiting from a rebound and increased order activity in the wireless handset market. He believes second-quarter margins will improve on a better mix, volumes, and an earlier-than-expected line conversion to six inches from four inches.

Versace sees margins also benefiting from other initiatives. He narrowed the 6-cent fiscal 2004 (Mar.) loss estimate to a 2-cent loss, and maintains the 22 cents fiscal 2005 earnings per share estimate. He notes shares have had a good run as of late, but he thinks RF Micro is poised to deliver additional upside. He raised his target to $11.

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