Cirrus Logic, Inc. (CRUS): Raising PT Ahead Of Earnings - Stifel

October 13, 2016 9:04 AM EDT
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Price: $58.44 +0.33%

Rating Summary:
    12 Buy, 5 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Stifel analyst, Tore Svanberg, reiterated his Buy rating on shares of Cirrus Logic (NASDAQ: CRUS) and upped his price target to $62 from $58 ahead of earnings. The analyst believes Cirrus will report F2Q17 (Sep) results at or above the mid-point of its revenue guidance of $380mn-$410mn (up 46.5% to up 58.0% q/q) for the September quarter.

Coming off a better than expected June quarter, with stronger portable audio sales at its largest customer, the analyst believes momentum continued and there are signs that demand for the new iPhone 7/7S is running ahead of expectations. The analyst also believes that there may also be an inventory replenishment to respond to higher demand for the new iPhone which bodes well for Cirrus.

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 $54.10 yesterday.

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