Oppenheimer Maintains Outperform on RF Micro Devices

Oppenheimer is out with its report today on RF Micro Devices

, maintaining Outperform. In a note to clients, Oppenheimer writes, "We hosted an investor meeting at RFMD's headquarters in Greensboro, NC. Our main takeaway is that RFMD is now close to an inflection point where share loss headwinds are likely to subside while new design activity should build momentum well into 2012. Key takeaways: 1) PowerSmart's expanding OEM and baseband customer list, 2) a discrete 3G design cycle is also gaining momentum, 3) MPG is in front of a 2-3 year strong growth period as GaaN gains momentum, 4) Nokia/China headwinds are mitigated and already well discounted in guidance. We maintain our Outperform rating." Oppenheimer maintains an $8 PT on RFMD. Shares of RFMD closed Tuesday at $5.65, up 5.02% from Monday's close.