Needham & Company Reiterates a 'Strong Buy' on Cirrus Logic (CRUS); Formalizing Launch of LED

Needham & Company reiterates a 'Strong Buy' on Cirrus Logic (NASDAQ: CRUS) price target of $28.00.

Analyst, Vernon Essi, Jr., said, "CRUS issued a press release that formalized its much discussed LED controller products and underscored its performance in dimmer compatibility relative to competitive offerings. CRUS named its digital-based controller solution TruDim and offered thirdparty growth statistics for the unit shipments of incandescent replacements by LED based lamps – a factor of 5x – from 2011 to 2015. We are equally bullish on this market and believe that CRUS has a strong competitive offering...We expect the LED controller products to gain recognition with investors over time and help ease the sentiment ceiling investors seem to have for its high revenue concentration with Apple (Nasdaq: AAPL)."

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 $23.80 yesterday.

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