Needham & Company Downgrades Cirrus Logic (CRUS) to Buy; Taking Some Off The Table and Here's Why...

June 20, 2012 7:30 AM EDT
Get Alerts CRUS Hot Sheet
Price: $56.15 --0%

Rating Summary:
    12 Buy, 5 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 31 | New: 34
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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.

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