Canaccord Genuity Starts Cirrus Logic (CRUS) at Buy; Accumulate Shares Ahead of Earnings Report

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Canaccord Genuity initiates coverage on Cirrus Logic (NASDAQ: CRUS) with a Buy. PT $35.00.

Analyst, Bobby Burleson, said, "We initiate coverage of Cirrus Logic with a BUY rating ahead of tonight’s earnings release. We expect consensus estimates to move materially higher following the report, driven by a strong outlook on new product introductions from Apple (Nasdaq: AAPL) holding higher Cirrus Logic dollar content. Longer term, Energy offers an opportunity for diversification as Cirrus ramps meaningful volumes of its high-performance LED controllers, while motor control offers an additional opportunity to diversify."

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 $28.96 yesterday, with a 52 week range of $12.52-$31.23.

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