UPDATE: Canaccord Genuity Upgrades RF Micro Devices to Buy on Strong Growth Position

In a report published Monday, Canaccord Genuity analyst T. Michael Walkley upgraded the rating on RF Micro Devices

from Hold to Buy, and raised the price target from $5.50 to $7.00. In the report, Walkley noted, “We believe RFMD is well positioned to deliver strong growth in C2013/14 driven by share gains in flagship LTE smartphone platforms including Samsung, Nokia, BlackBerry, and Apple. Further, given RFMD's strong position in mid- and low-tier smartphones driven by its broad GaAs- and CMOS-based portfolio, we believe RFMD is well positioned to benefit from elastic smartphone demand in emerging markets including China. Overall, we believe RFMD should grow faster than the RFIC market in F14/15 and improved capacity utilization should drive margin leverage.” RF Micro Devices closed on Thursday at $5.32.