Oppenheimer Upgrades Cirrus Logic (CRUS) to Outperform, Riding on Apple's Coattails
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Price: $86.29 +2.42%
Rating Summary:
15 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
15 Buy, 3 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Oppenheimer upgraded Cirrus Logic (NASDAQ: CRUS) from Perform to Outperform with a price target of $28.
The firm said the stock remains a top back-door play on the growth and success of Apple (Nasdaq: AAPL).
"Since winning an initial audio codec socket in the classic iPod, CRUS now effectively owns AAPL's audio codec business and we do not expect to see any lost share this year. We expect CRUS' ASP to remain stable in 2012 while content could increase," the firm comments.
The firm raised FY13 EPS from $1.48 to $1.59 and FY14 from $1.66 to $1.82.
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 $22.26 yesterday.
The firm said the stock remains a top back-door play on the growth and success of Apple (Nasdaq: AAPL).
"Since winning an initial audio codec socket in the classic iPod, CRUS now effectively owns AAPL's audio codec business and we do not expect to see any lost share this year. We expect CRUS' ASP to remain stable in 2012 while content could increase," the firm comments.
The firm raised FY13 EPS from $1.48 to $1.59 and FY14 from $1.66 to $1.82.
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 $22.26 yesterday.
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