Needham & Company Reiterates a 'Strong Buy' on Cirrus Logic (CRUS); Another Chance to Buy Shares on the Cheap
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Price: $121.09 -0.11%
Rating Summary:
13 Buy, 5 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
13 Buy, 5 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company reiterates a 'Strong Buy' on Cirrus Logic (NASDAQ: CRUS) price target of $24.
Needham analyst says, "CRUS reported JunQ1 results that were in line with consensus and provided a SepQ2 guide that was slightly above consensus but was not enough to clear the lofty sentiment established on the heels of Apple’s results. We are inclined to look at the guide as simple conservatism given that production ramps are heavy in the September month and some revenue may land in DecQ3. Nonetheless, management was very constructive on its relationship and outlook with Apple (Nasdaq: AAPL). Coupled with a symbolic audio win in the Vizio (N/R) tablet & a beachhead win in Energy with a major LED lighting customer, the quarter was relatively upbeat. We increased our FY12 EPS from $1.20 to $1.25 and left FY13 unchanged at $1.45."
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 $15.92 yesterday.
Needham analyst says, "CRUS reported JunQ1 results that were in line with consensus and provided a SepQ2 guide that was slightly above consensus but was not enough to clear the lofty sentiment established on the heels of Apple’s results. We are inclined to look at the guide as simple conservatism given that production ramps are heavy in the September month and some revenue may land in DecQ3. Nonetheless, management was very constructive on its relationship and outlook with Apple (Nasdaq: AAPL). Coupled with a symbolic audio win in the Vizio (N/R) tablet & a beachhead win in Energy with a major LED lighting customer, the quarter was relatively upbeat. We increased our FY12 EPS from $1.20 to $1.25 and left FY13 unchanged at $1.45."
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 $15.92 yesterday.
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