Investors cheered a report that predicted chipmaker RF Micro Devices Inc. is scoring additional business with the likes of Motorola Inc. and Nokia Corp. and that the company likely would exceed its expectations for the coming quarter.
RF Micro Devices’ stock was up almost 8 percent to $6.65 per share after Lehman Brothers upped its estimates for the company. The financial firm, which makes a market in RF Micro Devices securities, said the company likely will post sales on the high end of its $176 million guidance.
“The intermediate term outlook for RF Micro Devices is improving thanks to share gains at Nokia and Motorola, combined with strong positioning in W-CDMA,” wrote Jeff Kvaal with Lehman Brothers.
The firm said RF Micro Devices has managed to edge out rival chip vendor Renesas Technology Corp. at Nokia, improving its position with the world’s largest handset maker. Lehman Brothers said RF Micro Devices also has scored major sales of EDGE products with Motorola.
