Cirrus Logic (CRUS) PT Raised to $24 at Feltl & Co.

Feltl & Co analyst Jeffrey Schreiner bumped his price target on Cirrus Logic (NASDAQ: CRUS) to $24.00 (from $21.00) but maintained a Hold rating.

Schreiner feels potential cost headwinds for Samsung, suggest the more likely design win within Samsung for CRUS is the lower-volume S6 model. "We believe content could increase in S6 design if CRUS’s SmartCodec is utilized, offering an opportunity to see some growth on a y/y basis vs. prior Wolfson Galaxy S5 design," he said.

He also anticipates that new product introductions, such as CRUS’s SmartCodec offering, will allow for increasing content in both Android/iPhone design wins. "We believe the SmartCodec product could equal roughly 10-20% of units for non-AAPL portable units during CY15," he said.

The analyst sees longer-term value in CRUS's new products, but recommends investors wait for potential pullbacks in shares as we believe current valuation may reflect a large portion of upside opportunity.

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 $22.96 yesterday.

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