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CS First Boston Upgrades RF Micro Devices

CS First Boston upgrades RF Micro Devices (RFMD) to neutral from underperform.

Analyst Randy Abrams expects near-term catalysts to provide a positive trade in the stock over the next three to six months. His key reasons include Nokia (NOK) strength (40% of customer base) driving a modest near-term upside, confidence in Polaris tranceiver device is growing, providing 2005 product cycle, stock has lagged, the Street's sentiment remains negative, and the company's valuation is reasonable.

Abrams says while it's late in the seasonal build, he expects these positive catalysts to carry forward over the next few months. He raises his $6.50 price target to $7, which is 25 times his 28 cents calendar-year 2005 earnings-per-share estimate.

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