Intersil (ISIL) Consumer Sales Show Positive Read-Through for Cirrus Logic (CRUS)

Canaccord Genuity maintained a Buy rating on Intersil (NASDAQ: ISIL) but cut its price target of $9.00 (from $13.00) in the wake of the company's release of preliminary Q3 revenue data.

"With PC weakness now incorporated into estimates, ISIL is likely to trade higher with a cyclical recovery for semiconductors," said analyst Bobby Burleson.

He thinks downside is likely limited by the company's healthy dividend yield.

"Management highlighted that Q3 consumer sales were in line with expectations, driven by strength in gaming, tablets and smartphones. Strength in consumer is a positive read-through for Cirrus Logic (NASDAQ: CRUS)," said Burleson.

For an analyst ratings summary and ratings history on Intersil click here. For more ratings news on Intersil click here.

Shares of Intersil closed at $7.02 yesterday.

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