Needham & Company Reiterates a 'Buy' on Cirrus Logic (CRUS); Herculean Guidance Exceeds All Expectations
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Price: $84.25 --0%
Rating Summary:
15 Buy, 3 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 8
Rating Summary:
15 Buy, 3 Hold, 1 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 8
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Needham & Company reiterates a 'Buy' on Cirrus Logic (NASDAQ: CRUS) price target of $47.00 (from $35.00).
Analyst, Vernon Essi, Jr, said, "CRUS reported JunQ1 revenue just below consensus but within the guided range, and EPS that was a penny better than expectations. The SepQ2 guidance was huge by any yardstick, with a Q/Q revenue growth of 82% at the midpoint AND management’s expectation that the DecQ3 would grow again Q/Q on top of that herculean performance. Though investors were expecting CRUS to be in the iPhone 5 (Nasdaq: AAPL), this guide indicates a considerable content increase in the iPhone 5 as well as the new iPad line-up. Mgmt formally announced the Tier 1 LED customer as Philips (NYSE: PHG) for a European LED bulb production ramp and expects to be supplying A19 bulbs into the North American market by year-end but reiterated its 5-10mm unit target for FY13."
"We raise our FY13 estimates from $564M/$1.65 to $687M/$2.50 and our FY14 estimates from $689M/$2.15 to $829M/$3.00."
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 $29.84 yesterday.
Analyst, Vernon Essi, Jr, said, "CRUS reported JunQ1 revenue just below consensus but within the guided range, and EPS that was a penny better than expectations. The SepQ2 guidance was huge by any yardstick, with a Q/Q revenue growth of 82% at the midpoint AND management’s expectation that the DecQ3 would grow again Q/Q on top of that herculean performance. Though investors were expecting CRUS to be in the iPhone 5 (Nasdaq: AAPL), this guide indicates a considerable content increase in the iPhone 5 as well as the new iPad line-up. Mgmt formally announced the Tier 1 LED customer as Philips (NYSE: PHG) for a European LED bulb production ramp and expects to be supplying A19 bulbs into the North American market by year-end but reiterated its 5-10mm unit target for FY13."
"We raise our FY13 estimates from $564M/$1.65 to $687M/$2.50 and our FY14 estimates from $689M/$2.15 to $829M/$3.00."
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 $29.84 yesterday.
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