RF Micro Devices jumps after firm upgrades stock

RF Micro Devices (RFMD) is rallying after an analyst upgraded the stock, as he believes that the company is poised to capitalize on multiple opportunities. WHAT'S NEW: In a note to investors earlier today, Oppenheimer analyst Rick Schafer upgraded the company, which develops radio frequency and small semiconductor products, to Outperform from Perform. Utilization of RF Micro's products is likely to steadily increase, and Samsung (SSNLF) is using more of the company's products in the Galaxy S 4 than in the Galaxy S 3, Schafer wrote. RF Micro appears to be well-positioned to benefit from current high tech trends, added the analyst, who recommends buying the stock. He has a $7 price target on the shares. WHAT'S NOTABLE: Before the market opened today, RF Micro's price to earnings ratio, based on 2014 estimates, was significantly lower than the average of its peers, Schaefer wrote. TODAY'S PRICE ACTION: In mid-morning trading, RF Micro jumped 42c, or 8.5%, to $5.30.