ThinkEquity Cuts RF Micro Devices Estimates
ThinkEquity cut its estimates and price target on RF Micro Devices (RFMD), saying that it believes the company received sizable order cancellations in the last month from Nokia and Motorola.
Analyst Mike Burton believes these cancellations represent about 6 to 7 million units, and will primarily impact the company's second half results. He cut his 44 cents fiscal year 2007 (ending March) earnings per share (EPS) estimate to 37 cents and his 50 cents fiscal year 2008 estimate to 35 cents. He also lowers his $7 stock price target to $5.
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