Needham & Company Reiterates a 'Strong Buy' on Cirrus Logic (CRUS); Let’s Not Forget About LED Lighting

Needham & Company reiterates a 'Strong Buy' on Cirrus Logic (NASDAQ: CRUS) price target of $23.00.

Needham analyst says, "CRUS was one of a handful of semiconductor companies on our Austin Bus Tour. CEO Jason Rhode provided an informal discussion of the business lines and fielded investor questions. There was little discussion on CRUS’ largest customer Apple with regards to product pipeline, as management is obviously unable to discuss any details except for the close development partnership between the two. Management was optimistic on the traction CRUS is receiving in the LED market and how not only is one customer ready to ramp with their solution but another major OEM is very interested in the company’s solution for its products. This will help to offset the decline in the legacy Energy (aka Industrial) business lines that management is now referring to as “vintage” in recent investor materials. Also discussed were further details surrounding the development and dollar commitment to custom audio ICs."

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 $17.58 yesterday.

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