Wireless components provider RF Micro Devices (RFMD) was up 3.8% in early trading after Merrill Lynch reiterated its buy rating on the stock.
Commenting on RF Micro Devices reaffirmed estimates Thursday, Merrill said the company's projection of $102 million in revenue for the third quarter of 2002 was better than expected.
Merrill also said its checks show RF Micro has solid order rates from leading customers such as
. Merrill said orders should be increasing as cell phone inventories remain at dangerously low levels.
"We believe RFMD has many opportunities for continued upside in 2001 and 2002," Merrill said in a research note.