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JP Morgan Downgrades RF Micro Devices

JP Morgan downgrades wireless circuit maker RF Micro Devices (RFMD) to neutral from overweight.

Analyst Christopher Danely says although he expects RF Micro Devices will gain share during 2005, he believes there is a possibility of an overbuild of handsets and seasonal weakness in wireless component order rates should cause the stock to be range-bound in the near term.

He maintains estimates given a belief the company should meet or slightly exceed his one cent third-quarter earnings per share and $165 million revenue estimates.

Although shares trade at 1.6 times calendar year 2005 earnings per share sales, near the low-end of its historical range, Danely believes there is a seasonal decline in wireless component order rates, and a risk of an overbuild will result in the stock being range-bound for one to two quarters.

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