Percy Downgrades CIBC World Markets
The clowns at CIBC World Markets have downgraded Greensboro chip maker RF Micro Devices from sector outperformer to sector performer because of the problems Motorola is having. As I write this at 11:25 a.m., RFMD is down 5%. What the analyst failed to consider is that I may start buying RFMD radio frequency components to decorate my house just to keep the stock price up. Says the analyst to his clients:
"We believe RF Micro Devices' story outside of Motorola remains strong and consistent, yet given Motorola's contribution to RF Micro Devices' top line, we see downside to our fiscal-year 2008 targets."
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