Needham & Company Reiterates a 'Buy' on Cirrus Logic (CRUS); Beneficiary of the Audience (ADNC) Loss
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Price: $22.57 -0.35%
Rating Summary:
7 Buy, 3 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Rating Summary:
7 Buy, 3 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Trade CRUS Now!
Needham & Company reiterates a 'Buy' on Cirrus Logic (NASDAQ: CRUS) price target of $47.00.
Analyst, Vernon Essi Jr, said, "While most investors have widely anticipated that CRUS would be selling a DSP along with an audio codec for the next iPhone, the major SepQ2 guide was not correlating with reasonable content increases, in our view. Late last week Audience Inc. (Nasdaq: ADNC) (N/R) announced that Apple (Nasdaq: AAPL) will not be using its audio IP in the upcoming iPhone 5, expected to be launched on Wednesday. Audience supplied a low feature DSP that included this algorithm IP in prior generations of the iPhone, though on the iPhone 4S this IP was sold to Apple on a licensing basis as an algorithm to be run on the iPhone apps processor. We now believe it is likely that CRUS will be getting a large portion of that Audience content loss with its DSP solution. We also don’t rule out that CRUS may have content in the upcoming Amazon Kindle Fire HD (Nasdaq: AMZN). Another reason for the SepQ and DecQ strength includes CRUS’ new amp IC designed into the iPhone & iPad. Other less likely possibilities could include content in new Apple headphones, about which there has been speculation on various blog sites, and an Apple TV product."
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 $44.35 yesterday, with a 52 week range of $13.40-$45.49.
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Analyst, Vernon Essi Jr, said, "While most investors have widely anticipated that CRUS would be selling a DSP along with an audio codec for the next iPhone, the major SepQ2 guide was not correlating with reasonable content increases, in our view. Late last week Audience Inc. (Nasdaq: ADNC) (N/R) announced that Apple (Nasdaq: AAPL) will not be using its audio IP in the upcoming iPhone 5, expected to be launched on Wednesday. Audience supplied a low feature DSP that included this algorithm IP in prior generations of the iPhone, though on the iPhone 4S this IP was sold to Apple on a licensing basis as an algorithm to be run on the iPhone apps processor. We now believe it is likely that CRUS will be getting a large portion of that Audience content loss with its DSP solution. We also don’t rule out that CRUS may have content in the upcoming Amazon Kindle Fire HD (Nasdaq: AMZN). Another reason for the SepQ and DecQ strength includes CRUS’ new amp IC designed into the iPhone & iPad. Other less likely possibilities could include content in new Apple headphones, about which there has been speculation on various blog sites, and an Apple TV product."
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 $44.35 yesterday, with a 52 week range of $13.40-$45.49.
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