J.P. Morgan Reiterates Underweight on RF Micro Devices (RFMD)

J.P. Morgan is out with its report today on RF Micro Devices

, reiterating Underweight. In a note to clients, J.P. Morgan writes, "Yesterday after the close RFMD reported March quarter revenue roughly in line with but EPS above our expectations and the consensus due to lower taxes. The company's June quarter guidance was below consensus as RFMD's share loss at Nokia continues. As a result, we reiterate our Underweight rating." Shares of RFMD closed Tuesday at $6.32, up 2.43% from Monday's close.