Cirrus Logic, Inc. (CRUS): Needham Reiterates Buy

Needham & Company analyst, Rajvindra Gill reiterated his Buy rating on Cirrus Logic (NASDAQ: CRUS) after hosting a non deal roadshow with Cirrus Logic's CEO Jason Rhode and the Director of Investor Relations Chelsea Heffernan.

The key takeaway from the event is that CRUS is experiencing several vectors of growth:

1) expanding the amplifier business in to the mid-range Android smartphone market, including Samsung

2) potentially increasing its dollar content by 40%-70% over the next 12-18 months at Apple

3) penetrating the Android market with its digital and ANC audio codecs as handset OEMs adopt USB-C interfaces

4) longer-term entry in to the MEMS microphone market and voice biometrics.

After providing exceptionally strong guidance for the Sept. qrt. (+52% Q/Q), the analyst is modeling a conservative +12% Q/Q growth in the Dec Q and -30% Q/Q in the March Q

price target of $55.00

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 $48.30 yesterday.

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