NetLogic Microsystems (NETL) a 'Buy' at ThinkEquity

ThinkEquity issued a 'Buy' rating on NetLogic Microsystems (NASDAQ: NETL) after the company reported solid Q4 2009 revenues and EPS of $69.5M and $0.59, respectively.

The research report cited the recent acquisition of RMI will prove "transformative" for NETL. RMI will allow NetLogic to incorporate multi-core processing throughout their product lines.

ThinkEquity believes that NETL is well positioned to take advantage of an ever increasing need for bandwidth world-wide through triple play, IPv6, GbE PHY, and scalable multi-core platforms for 3G/4G.

NETL fair value estimate was increased to $60, providing roughly 20% upside.

Shares of NETL were trading higher in afternoon trading.