UPDATE: Cantor Fitzgerald Reiterates Buy on RF Micro Devices on Apple, Samsung Exposure
Cantor Fitzgerald maintained its Buy rating and $8 price target on RF Macro Devices (NASDAQ: RFMD) upon confirmation of the company's solutions within the new iPhone 5.
Cantor Fitzgerald commented, "We have confirmed the initial teardown pictures of the iPhone5 and believe that RF Micro Devices has two parts (RF1101 and RF1102) in it. …This is very important, because we now believe that by the end of the calendar year, the company's top two customers will be Samsung and Apple. This is a significant change from 2011, where the company's top three customers included Nokia and Research in Motion. … With products ramping into new 3G/4G platforms over the next year and with expanding margins, we find the shares attractive and suggest investors aggressively accumulate them."
RF Micro Devices closed at $4.05 on Tuesday.
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