Oppenheimer Raises Price Target on Cirrus Logic, Inc. (CRUS); Reiterates Outperform
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Oppenheimer reiterated an Outperform rating on Cirrus Logic (NASDAQ: CRUS), and raised the price target to $65.00 (from $60.00), following the company's 2Q earnings report. sales and EPS of $428.6M/$1.35 came in ahead of $400.0M/$1.08 expectations.
Analyst Rick Schafer commented, "We are raising our estimates and PT on CRUS for the second consecutive quarter after another round of beat/raise results. F2Q (Sept) sales/EPS of $428.6M/$1.35 easily bested $400.0M/$1.08 expectations, as did guidance implying $495.0M/$1.60 vs consensus $440.8M/$1.20. We view the results/outlook as further confirmation of a ~70% content bump for CRUS in the iP7. We expect the Apple content story to continue in the 2017 refresh, with potential for an additional $2.00 of content. NT, further upside is likely driven by Android customers following Apple's lead in making the digital headset switch. LT, we see MEMS mics and ANC as future legs up in growth. We expect shares to react favorably to Thursday's results and remain buyers here, raising our target from $60 to $65."
Shares of Cirrus Logic closed at $51.79 yesterday.
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