Cirrus Logic (CRUS) PT Raised to $60 at Oppenheimer Ahead of Print

October 26, 2016 9:25 AM EDT
Get Alerts CRUS Hot Sheet
Price: $54.43 --0%

Rating Summary:
    11 Buy, 5 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 20 | Down: 29 | New: 18
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Oppenheimer analyst Rick Schafer raised his price target on Cirrus Logic (NASDAQ: CRUS) to $60.00 (from $50.00) ahead of Q2 results on 10/27.

commented, "CRUS reports F2Q (Sept) results Thursday 10/27. We see upside to our above-consensus sales/EPS of $400M/$1.08 as iP7 content gains magnify better iPhone sales. We estimate CRUS saw a ~70% content bump in the iP7, gaining a headset codec and additional audio amp. More important, we believe CRUS content could potentially be up another $2.00 in the 2017 iPhone refresh. MEMS mics and a 1B-plus unit headset market help support and add additional layers to the growth story. Though highly leveraged to the choppy smartphone market, and AAPL in particular, CRUS offers a compelling content-driven growth story over the near/mid-term, in our view. We remain buyers here and are raising our PT from $50 to $60."

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 $53.74 yesterday.

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