Oppenheimer Maintains OP Rating on RF Micro Devices

“We come away incrementally more positive on RF Micro Devices'

moderate- and long-term prospects following investor meetings with management,” Oppenheimer wrote in a report this morning. “While Nokia

will still weigh on June results (which we believe was accounted for in guidance), we believe the PowerSmart and switch ramps will drive revenue growth in 2H11/2012 and could allow for upside to our estimates. “Samsung's PS ramp is going smoothly and it could be RFMD's top customer in FY12; meanwhile, the PS customer base could potentially expand to 10 customers by March 2011. Switches are ramping on a similar trajectory to PS and Phenom PAs could eventually top both in sales power. We maintain our Outperform rating and continue to be comfortable adding to positions ahead of earnings.” RF Micro Devices closed Friday at $6.60.