JP Morgan upgraded RF Micro Devices RFMD to buy from long term buy.
Analyst Edward Snyder says Q2 is completely booked for 20% sequential revenue growth. He says Siemen AG's announcement of production orders for Global System for Mobile Communications (GSM) module is further evidence of the company's successful transition to modules. He believes premium valuation is warranted given the growth prospects and the strong relationship with Nokia. Snyder says visibility is excellent at its largest customer.