Piper Jaffray Reiterated Bullish View on Cirrus Logic (CRUS) Following Meetings

Piper Jaffray analyst Ruben Roy reiterated an Overweight rating and $44 price target on Cirrus Logic (NASDAQ: CRUS) following recent investor meetings we hosted with CEO Jason Rhode.

The firm continues to recommend the stock with shares down roughly 23% from post earnings highs in late July. (AAPL shares are down 10% and the SOX is down 5% over the same time period.)

Roy said a key takeaway from meetings is that its dollar content in upcoming handsets should increase as the company begins to ship new devices.

"CRUS expects its new 55nm device, which we believe is now shipping, to drive material revenue impact this fiscal year," the analyst noted. "Longer-term, we expect the increased use of voice activation to benefit CRUS as the combination of the company's audio signal chain expertise, increasing software knowledge and the addition of microphone products should position the company well in emerging markets."

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 $28.95 yesterday.

You May Also Be Interested In

• Tesla to launch Cybercab in Austin this month - report
• Enovix Corporation (ENVX) PT Lowered to $5 at BofA Securities
• Duos Technologies Group, Inc. (DUOT) Tops Q2 EPS by 163c