According to Morgan Keegan, RF Micro Devices RFMD price target is lowered to $7.
Morgan Keegan said that RFMD provided a financial update for its December quarter after the close. RFMD guided for revenues of $225 million vs. previous guidance of $250 million. “We maintain our Outperform rating given RFMD's attractive valuation of 14.5x straight and 13x ex-cash ($0.57 per share in net cash) our FY13 estimate of $0.39 and continued transition to 3G/4G products.”
RF Micro Devices closed yesterday at $5.64.
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