Needham & Company Downgrades Cirrus Logic (CRUS) to Buy; Taking Some Off The Table and Here's Why...
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Price: $22.07 -2.22%
Rating Summary:
7 Buy, 3 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
7 Buy, 3 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade CRUS Now!
Needham & Company downgraded Cirrus Logic (NASDAQ: CRUS) from Strong Buy to Buy with a price target of $35.00.
Analyst, Vernon Essi, Jr, said, "CRUS shares have recently seen a remarkable uptrend, posting a 90% return since the beginning of 2012 and 30% over the past two months, compared to 2% and -10%, respectively, for the SOX index. Investors have also come up the curve on CRUS’ fundamental story and appear to be increasingly comfortable with the Apple revenue concentration that, as we’ve noted in the past, is a virtue or a vice depending on the Apple sentiment. We have been ardent supporters of CRUS – it is our top pick for 2012 – and have previously felt confident that it merits a Strong Buy rating as a result. The recent share price move, however, prompts us to align our ratings appropriately."
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 $30.34 yesterday, with a 52 week range of $12.52-$31.23.
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Analyst, Vernon Essi, Jr, said, "CRUS shares have recently seen a remarkable uptrend, posting a 90% return since the beginning of 2012 and 30% over the past two months, compared to 2% and -10%, respectively, for the SOX index. Investors have also come up the curve on CRUS’ fundamental story and appear to be increasingly comfortable with the Apple revenue concentration that, as we’ve noted in the past, is a virtue or a vice depending on the Apple sentiment. We have been ardent supporters of CRUS – it is our top pick for 2012 – and have previously felt confident that it merits a Strong Buy rating as a result. The recent share price move, however, prompts us to align our ratings appropriately."
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 $30.34 yesterday, with a 52 week range of $12.52-$31.23.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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