Cirrus Logic (CRUS) PT Raised to $55 at Needham & Company on 'Significant Beat and Raise'

Needham & Company analyst Rajvindra Gill reiterated a Buy rating and lifted his price target on Cirrus Logic (NASDAQ: CRUS) to $55.00 (from $50.00) following "a significant beat and raise quarter owing to stabilizing Apple iPhone 7 units combined with a ~40% dollar content increase."

Gill commented, "As we move into the C2H16, we are somewhat cautious with our assumptions as we believe CRUS has limited visibility and there exists potential sell-through risks at Apple. For FY18, we see a number of growth vectors including expansion into the midtier smartphones, higher sales of ANC chipsets that carry higher ASPs and additional amplifier sales. At Apple, we believe CRUS is also well-positioned next year for the iPhone 8, which we believe will be the "super" upgrade cycle (units should grow Y/Y), together with another 30% increase in dollar content per unit ($5 to $7). Moreover, Cirrus could also generate ~$450-500MM of incremental Android revenue over the next several years."

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 $41.77 yesterday.

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