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Technology Stocks : RF Micro Devices (RFMD) -- Ignore unavailable to you. Want to Upgrade?

To: Magnifique who wrote (378)	4/29/1999 7:12:00 PM
From: Out_of_the_Trap	Read Replies (1) \| Respond to of 4849

CREDIT SUISSE FIRST BOSTON CORPORATION Equity Research Americas STRONG BUY MID CAP RF Micro Devices (RFMD) Raising Price Target to $80, as RFMD Soundly Beats Estimates (Again) with $0.25 EPS for 4QF99. Summary RFMD beat consensus again, reporting 4QFY1999 EPS of $0.25 on revenue over $56 MM - well above our estimates (which were high on the Street) of $0.20 and $48MM as well as our upside forecast. Continued success in ramping its new fab plus record demand and orders from existing and new customers drove both revenue growth and margin expansion to 37.9% (up 260 basis points). Margins are expected to keep a similar rate of expansion next year. The company also announced that it has commenced shipments to one large handset OEM and is in a long-term development agreement with another - we believe they are Motorola and Ericsson, respectively. We reiterate our STRONG and are raising our price target to $80. We are raising our EPS estimates for FY2000 EPS to $1.00 (formerly $0.78) and FY2001 to $1.50 (formerly $1.09)<b/>. OT