Oppenheimer Raises Price Target on Cirrus Logic, Inc. (CRUS); Reiterates Outperform
- Wall Street rises, buoyed by economic data; Dow sets high
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Amazon (AMZN) Could Open Over 2,000 Brick-and Mortar Groceries if Tests Succeed - DJ; Kroger (KR) on Watch
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- After-Hours Stock Movers 12/05: (TXMD) (COUP) (BOBE) Higher; (SB) (LXRX) (STWD) Lower (more...)
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
- Crocs (CROX) PT, Estimates Trimmed at Susquehanna
- Oppenheimer Raises Price Target on Itron (ITRI) to $70; Reiterates Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Sign 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!