Needham & Company Reiterates a 'Buy' on Cirrus Logic (CRUS); Herculean Guidance Exceeds All Expectations
Tweet
Share
E-mailGet Alerts CRUS Hot Sheet
Price: $86.97 -1.8%
Rating Summary:
15 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 19 | Down: 16 | New: 47
Rating Summary:
15 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 19 | Down: 16 | New: 47
Join SI Premium – FREE
Needham & Company reiterates a 'Buy' on Cirrus Logic (NASDAQ: CRUS) price target of $47.00 (from $35.00).
Analyst, Vernon Essi, Jr, said, "CRUS reported JunQ1 revenue just below consensus but within the guided range, and EPS that was a penny better than expectations. The SepQ2 guidance was huge by any yardstick, with a Q/Q revenue growth of 82% at the midpoint AND management’s expectation that the DecQ3 would grow again Q/Q on top of that herculean performance. Though investors were expecting CRUS to be in the iPhone 5 (Nasdaq: AAPL), this guide indicates a considerable content increase in the iPhone 5 as well as the new iPad line-up. Mgmt formally announced the Tier 1 LED customer as Philips (NYSE: PHG) for a European LED bulb production ramp and expects to be supplying A19 bulbs into the North American market by year-end but reiterated its 5-10mm unit target for FY13."
"We raise our FY13 estimates from $564M/$1.65 to $687M/$2.50 and our FY14 estimates from $689M/$2.15 to $829M/$3.00."
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 $29.84 yesterday.
Analyst, Vernon Essi, Jr, said, "CRUS reported JunQ1 revenue just below consensus but within the guided range, and EPS that was a penny better than expectations. The SepQ2 guidance was huge by any yardstick, with a Q/Q revenue growth of 82% at the midpoint AND management’s expectation that the DecQ3 would grow again Q/Q on top of that herculean performance. Though investors were expecting CRUS to be in the iPhone 5 (Nasdaq: AAPL), this guide indicates a considerable content increase in the iPhone 5 as well as the new iPad line-up. Mgmt formally announced the Tier 1 LED customer as Philips (NYSE: PHG) for a European LED bulb production ramp and expects to be supplying A19 bulbs into the North American market by year-end but reiterated its 5-10mm unit target for FY13."
"We raise our FY13 estimates from $564M/$1.65 to $687M/$2.50 and our FY14 estimates from $689M/$2.15 to $829M/$3.00."
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 $29.84 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wells Fargo Upgrades Churchill Downs (CHDN) to Overweight
- Craig-Hallum Starts Astera Labs (ALAB) at Buy, 'Connectivity For The AI/Cloud Generation'
- Skyward Specialty Insurance Group (SKWD) PT Raised to $42 at JMP Securities
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT ChangeRelated Entities
Needham & CompanySign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
