Jefferies Upgrades Cirrus Logic (CRUS) to Buy, Price Target $20

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Jefferies upgraded Cirrus Logic (NASDAQ: CRUS) to a Buy rating and raised the price target on the company to $20 from $14. The firm also raised its EPS and revenue estimates for FY2011 to $1.29/$360.8 from $1.26/$356.3M and to $1.46/$410.5M from $1.20/$374.3M for FY2012.

Jefferies reported that, "We believe Logic is well positioned to maintain its share at its largest customer with increasing ASPs driven by higher integration and also has incremental opportunities with emerging products such as audio codecs in non-Apple smartphones, smart meters, LED lighting, and PFC."

For more ratings news on Cirrus Logic click here and for the rating history of Cirrus Logic click here.

Shares of Cirrus Logic closed at $13.82 yesterday, with a 52 week range of $4.51-$21.20.

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