Morgan Stanley Discontinuing Coverage On RF Micro Devices

According to Morgan Stanley, RF Micro Devices (NASDAQ: RFMD) coverage is discontinued.

Morgan Stanley reported that effective immediately, it is discontinuing coverage of RF Micro Devices (RFMD) because of a reallocation of resources. “All prior research on RFMD should no longer be relied upon. Our Underweight thesis on RFMD has been predicated on our belief that the company's ability to grow revenue would be hindered by 1) declines in the company's legacy business and 2) non-legacy share loss at the company's largest customer, Nokia. Our base case of $6.50 assumes a 12x multiple off our F2012 estimate of $0.53.”

RF Micro Devices closed yesterday at $6.36.