UPDATE: Barclays Starts Cirrus Logic (CRUS) at Overweight; Still Looking Good At These Levels

(Updated - August 23, 2012 1:48 PM EDT)

Barclays initiates coverage on Cirrus Logic (NASDAQ: CRUS) with an Overweight. PT $47.00.

Analyst, Blayne Curtis, said, "We recognize that the CRUS content story is not exactly a secret at this point but we do believe that magnitude of the increase to content/earnings is not yet fully considered in the stock...The $3.50 in content in the IP5 we assume in our model likely drives further upside to the September quarter (even after very strong guidance) with even more upside likely for the December quarter."

Curtis does point to the risk of a design loss (exposure to Apple (Nasdaq: AAPL is between 60-70%).

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 $39.38 yesterday.

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