Sterne Agee Reiterates Buy, $10 PT on RF Micro Devices

Sterne Agee maintains its Buy rating and $10 price target on RF Micro Devices, Inc.

as it tweaks estimates on galaxy2 and Qualcomm

tailwind and catalysts ahead. Sterne Agee says, “RFMD stock has been weak lately on concerns of 1) pricing pressure in handset RF components, 2) smartphone weakness at RIMM and HTC, and 3) some competitive wins for SWKS on Infineon platforms. We believe the Pullback is a Buying opportunity as RFMD will gain significant share in the handset market, a major positive away from the concerns above, given 1) a renewed relationship with QCOM after 10 years opens up a ~500M QCOM baseband market for 2012, 2) continued expanded Samsung relationship onto Galaxy S3 with Phenom and 3) New Switch segment ramps into 4S and share gains at HTC, WP7 all position well for C12E.” RFMD closed at $6.26 per share on Tuesday.