UPDATE: Morgan Keegan Lowers Price Target on RF Micro Devices to $7

According to Morgan Keegan, RF Micro Devices

price target is lowered to $7. Morgan Keegan said that RFMD provided a financial update for its December quarter after the close. RFMD guided for revenues of $225 million vs. previous guidance of $250 million. “We maintain our Outperform rating given RFMD's attractive valuation of 14.5x straight and 13x ex-cash ($0.57 per share in net cash) our FY13 estimate of $0.39 and continued transition to 3G/4G products.” RF Micro Devices closed yesterday at $5.64.