UPDATE: D.A. Davidson & Co. Reiterates Buy Rating, Raises PT on RF Micro Devices on Solid F1Q Upside

In a report published Friday, D.A. Davidson & Co. analyst Thomas Diffely reiterated a Buy rating on

, and raised the price target from $11.00 to $13.00. In the report, D.A. Davidson & Co. noted, “Solid F1Q (Jun) upside. Revenue of $316 million and pro-forma EPS of $0.24 exceeded the Street mean of $305 million and $0.17 per share, respectively. Gross margin of 47.1% was 300bp above the high end of the guided range of ~44% and up over 500bp sequentially.” RF Micro Devices closed on Thursday at $10.53.