Canaccord Genuity Lifts Target on Cirrus Logic (CRUS) on iPhone 5 Tailwinds

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Canaccord Genuity boosted its price target on Cirrus Logic (NASDAQ: CRUS) from $43 to $48 Friday on likely upside from the strong product cycle of key customer Apple.

Analyst Bobby Burleson comments, "In our view, inventory build in the present quarter indicates revenue growth well above the consensus view for CQ4 while dollar content assumptions could prove to be conservative, both of which could drive a substantial increase to our C2013 EPS estimate of $3.27."

The analyst expects multiple expansion into earnings season.

For an analyst ratings summary and ratings history on Cirrus Logic click here. For more ratings news on Cirrus Logic click here.

Shares of Cirrus Logic closed at $41.80 yesterday, with a 52 week range of $13.40-$45.49.

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