Cirrus Logic (CRUS) PT Raised to $65 at Needham & Company
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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."
Shares of Cirrus Logic closed at $51.79 yesterday.
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