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To: Susan Saline who wrote (35148)	11/28/2001 9:54:37 AM
From: E.J. Neitz Jr	Read Replies (2) of 53068

Sue: RFMD--CSFB Tech Conference Comments--Positive RF MICRO DEVICES (RFMD: $25.37) 11/28/01 CSFB 2001 Technology Conference Annual EPS Prev. EPS 3/03E 0.20 3/02E 0.01 3/01A 0.20 Rating: BUY 12-Mo. Target: $30 Yesterday, at the CSFB Technology Conference in Phoenix, AZ, Dave Norbury, CEO, and Dean Priddy, CFO, of RFMD gave an upbeat presentation. Despite Nokia's change in its forecast for total handsets in 2001, RFMD reiterated its revenue and EPS guidance for the December quarter. With the ramping of the Hitachi relationship (which we highlighted yesterday) and the company's WLAN products, we now believe RFMD could grow revenue sequentially in the March quarter. RFMD highlighted its agreement with Hitachi, stating that it has begun shipping product for revenue this quarter and will have "significant" revenue in the March quarter. RFMD believes the biggest benefit from the relationship will be the positive impact on factory utilization. Strength in the current quarter has largely been driven by GPRS and CDMA1X handsets. RFMD's strength in small signal devices continues as it is having continued success with its SiGe receiver module with Korean CDMA handset manufacturers. We continue to believe RFMD will outgrow the market given its: (1) expanding relationship with Nokia; (2) new business with other tier-one OEMs; (3) increasing market share for its new products; and (4) first mover advantage for PA modules. Although we are confident on the near- and long-term wireless environment, we remain cautiously optimistic on the mid-term outlook until we get better visibility into December quarter consumption and inventories.

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