Sterne Agee Reiterates Buy, $10 PT on RF Micro Devices
Sterne Agee maintains its Buy rating and $10 price target on RF Micro Devices (NASDAQ: RFMD) as China-related pullback is seen as good entry opportunity.
Sterne Agee says, "RFMD stock has pulled back significantly with recent concerns around weakness in China and 2G. Near term we believe Chinese New Year demand is just starting, but long term we believe an increasing footprint into 3G with QCOM positions RFMD well into C2012. ...With RFMD getting reference designs on the 1) Low-end 3G QCOM phones, 2) Snapdragon and 3) Krait platforms, it positions RFMD well into faster growing higher dollar Handset markets in C2012."
RFMD closed at $5 per share on Monday.
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