Sorry - 2012 FYE EPS will be more like 27 cents. 2013 FYE looking like 35-40 cents as I don't see this as a 1 or 2 quarter event. That garners a price of $3.50 - $4.00 if applying a generous 10 P.E. Continue to short this thing until $4.00 at a minimum. Now know why they weren't buying back stock at higher levels...
You might be on the mark on Fy2012 but Fy2013 has too much room to run. Rfmd has invested a lot of dineros in the top five or six handset makers to be left behind if 2012 calendar year is a growth year.
The pump in primed, though it might take until June quarter to start the gusher.
Good buying opportunity coming tomorrow. The company is expecting to grow this year and this appears to be a temporary glitch, like so many other semis experienced this past quarter. The 32 cents seems low but I will listen to the conference call in a few weeks for more details. Buy when the stock goes on sale!