WR Hambrecht + Co Initiates Coverage of RF Micro Devices (RFMD) With a Buy Rating and $28 Target
SAN FRANCISCO, April 16 /PRNewswire/ -- WR Hambrecht + Co today initiated research coverage on RF Micro Devices (Nasdaq: RFMD - news) with a Buy rating and a price target of $28.00.
With this report, Satya Chillara, WR Hambrecht + Co's Semiconductor analyst, initiates coverage of the Semiconductor industry.
``We believe RF Micro Devices is well positioned to continue to grow its market share in the power amplifier market because of its technology dominance,'' said Chillara. ``While the semiconductor industry declined 31% last year, RFMD declined only 8%. The company is also penetrating other market segments such as wireless local area networks and global positioning systems which will reduce the handset exposure in the face of expected slowing global unit sales.''
WR Hambrecht expects RF Micro Devices to report revenue of $364 million and earnings per share of ($0.01) for 2002.
RF Micro Devices designs, develops and manufactures radio frequency integrated circuits (RFIC) primarily for wireless communications products and applications.
About WR Hambrecht + Co
WR Hambrecht + Co (www.wrhambrecht.com) is a financial services firm committed to using the Internet and auction process to level the playing field for investors and issuers. The firm's impartial Internet-based auctions, which allow the market to determine pricing and allocation, are dramatically changing the financial services landscape. WR Hambrecht + Co provides underwriting and advisory services for technology and emerging growth companies, as well as equity research, sales and trading, full-service and online brokerage and private equity offerings for institutions and individuals. WR Hambrecht + Co has offices in San Francisco, New York, Boston and Philadelphia and is backed by industry leaders including: American Century, American Express, Crimson Ventures, epartners, Fidelity Ventures, Instinet Corporation, Novell, Park Avenue Equity Partners, LP, Scudder Technology Fund, Kemper Technology Fund and Texas Pacific Group.
WR Hambrecht + Co. is a member of the National Association of Securities Dealers, CRD number 45040.
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