Morgan Keegan Reiterates Outperform on RF Micro Devices

Morgan Keegan is out with its report today on RF Micro Devices (NASDAQ: RFMD), reiterating Outperform.

In its report, Morgan Keegan writes, "We continue to find shares of RFMD attractive at current valuations of 14.4x straight and 13.3x ex-cash ($0.57 per share net cash) our NTM estimate of $0.50. We initiated a FY13 estimate of $0.62/$1.12 billion. We reiterate our Outperform rating on shares of RFMD given its exciting turnaround growth story with multiple new products and market share gains."

Morgan Keegan maintains an $8.50 PT on RFMD.

Shares of RFMD closed Tuesday at $7.20, down 3.87% from Monday's close.