Needham & Company Reiterates a 'Strong Buy' on Cirrus Logic (CRUS); Sounds Great
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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 raised from $25 to $28.
Needham analyst says, "CRUS reported DecQ3 results and provided MarQ4 guidance that managed to still surprise to the upside despite a positive preannouncement and guide earlier this month. Audio grew 26% Q/Q, all due to Apple (Nasdaq: AAPL), whereas Energy declined only 5%. In a departure from prior guides over the last year, GM guidance was 54-56% which underscores a firm ASP at Apple and validates CRUS' R&D investments in newer products while garnering strong margin content on its vintage product portfolio. As usual, management was very constructive on its relationship and outlook with Apple. Highlights included initial volume shipments on its LED controller to a major lighting customer, tape-outs of all six previously mentioned custom audio IC products with more in the pipeline, and an investment with STATS ChipPAC (NR) for wafer level CSP capacity that reinforces higher volumes with a major customer –likely Apple – later in 2012. We raised our FY12 revenue/EPS estimates from $420M/$1.29 to $426M/$1.33, our FY13 estimates $461M/$1.45 to $475M/$1.50 and introduced our FY14 estimates of $524M/$1.75."
For an analyst ratings summary and ratings history on Cirrus Logic click here. For more ratings news on Cirrus Logic click here.
Shares of Cirrus Logic closed at $22.07 yesterday.
Needham analyst says, "CRUS reported DecQ3 results and provided MarQ4 guidance that managed to still surprise to the upside despite a positive preannouncement and guide earlier this month. Audio grew 26% Q/Q, all due to Apple (Nasdaq: AAPL), whereas Energy declined only 5%. In a departure from prior guides over the last year, GM guidance was 54-56% which underscores a firm ASP at Apple and validates CRUS' R&D investments in newer products while garnering strong margin content on its vintage product portfolio. As usual, management was very constructive on its relationship and outlook with Apple. Highlights included initial volume shipments on its LED controller to a major lighting customer, tape-outs of all six previously mentioned custom audio IC products with more in the pipeline, and an investment with STATS ChipPAC (NR) for wafer level CSP capacity that reinforces higher volumes with a major customer –likely Apple – later in 2012. We raised our FY12 revenue/EPS estimates from $420M/$1.29 to $426M/$1.33, our FY13 estimates $461M/$1.45 to $475M/$1.50 and introduced our FY14 estimates of $524M/$1.75."
For an analyst ratings summary and ratings history on Cirrus Logic click here. For more ratings news on Cirrus Logic click here.
Shares of Cirrus Logic closed at $22.07 yesterday.
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