Needham & Company Reiterates a 'Strong Buy' on Cirrus Logic (CRUS); iPhone Over Under; The Reward at the Current Share price Outweighs the Risk

Needham & Company reiterates a 'Strong Buy' on Cirrus Logic (NASDAQ: CRUS) price target of $24.00.

Needham analyst says, "The recent introduction of Apple’s iPhone 4S (Nasdaq: AAPL) perhaps leaves more questions than answers for end users but we would use this milestone as an opportunity to take inventory on CRUS’ revenue opportunity going forward as it continues to deliver compelling audio solutions to the device. We are forecasting iPhone units that are lower than consensus thinking that it could generate upwards of roughly $5M and $20M to our DecQ3 and FY13 revenue estimates, respectively. Moreover, we view the recent multimonth malaise in CRUS’ suppressed share price will end when teardowns on the iPhone 4S show, as we believe, that CRUS remains in the audio socket. We continue to believe that CRUS is currently one of the best secular growth driven stories in semis and we reiterate our SB."

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 $16.07 yesterday.

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