Cirrus Logic (CRUS) PT Raised to $65 at Needham & Company

October 28, 2016 6:41 AM EDT
Get Alerts CRUS Hot Sheet
Price: $55.60 --0%

Rating Summary:
    12 Buy, 5 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 28 | Down: 28 | New: 23
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Needham & Company analyst reiterated a Buy rating and raised his price target on Cirrus Logic (NASDAQ: CRUS) to $65.00 (from $55.00) following strong results.

Analyst Rajvindra Gill commented, "We are increasing our estimates and PT on CRUS to $65 (vs $55) following a significant beat and raise quarter. CRUS guided sales based 12% above the Street and EPS was ~$0.40 higher. Our proprietary Asia checks indicated higher Apple iPhone 7 build rates for the Sept. and Dec. quarters. CRUS is up 75% YTD vs SOX of 20%; however, we believe there's further upside. Longer-term, we believe there are several vectors of growth including further penetration of digital and ultimately ANC headsets in the Android and accessory markets, higher iPhone 8 dollar content and unit growth, and expansion in the audio amplifier market."

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 $51.79 yesterday.

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