Needham & Company Reiterates a 'Strong Buy' on Cirrus Logic (CRUS); Time to Actively Cancel Out the Unnecessary Noise and Buy Cirrus
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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 cut $1 to $23.
Needham analyst says, "CRUS reported SepQ2 results and provided DecQ3 guidance that was below consensus. Though disappointing given the recent enthusiasm over a socket win in the new iPhone4s, CRUS' Energy business segment dropped 15% Q/Q and missed our $23M estimate by 22%. Thus, Energy was the bulk of the disappointment in the results & guide. Furthermore, we were quite accurate our Apple (Nasdaq: AAPL) revenue estimate of $59M vs. actual of $60M. Highlights include the GM yield issues officially ending, CRUS now working on six custom audio ICs compared to two historically, continued breadth of the audio DSP product, and tape out of a 2nd gen LED lighting controller. As expected, management was very constructive on its relationship and outlook with Apple. We lowered our FY12 revenue/EPS estimates from $402M/$1.25 to $399M/$1.20 and FY13 from $430M/$1.45 to $424M/$1.35."
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 $17.01 yesterday.
Needham analyst says, "CRUS reported SepQ2 results and provided DecQ3 guidance that was below consensus. Though disappointing given the recent enthusiasm over a socket win in the new iPhone4s, CRUS' Energy business segment dropped 15% Q/Q and missed our $23M estimate by 22%. Thus, Energy was the bulk of the disappointment in the results & guide. Furthermore, we were quite accurate our Apple (Nasdaq: AAPL) revenue estimate of $59M vs. actual of $60M. Highlights include the GM yield issues officially ending, CRUS now working on six custom audio ICs compared to two historically, continued breadth of the audio DSP product, and tape out of a 2nd gen LED lighting controller. As expected, management was very constructive on its relationship and outlook with Apple. We lowered our FY12 revenue/EPS estimates from $402M/$1.25 to $399M/$1.20 and FY13 from $430M/$1.45 to $424M/$1.35."
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 $17.01 yesterday.
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