Deutsche Bank initiates its coverage on Audience ADNC with a Buy rating and a price target of $23.
Deutsche Bank comments, "Audience is expanding its presence among smartphone makers. We believe they are now integrated into Apple's A5 applications processor and are a standard technology in all iPhones. The company is also picking up designs at
most of the other major handset vendors. We think this will lead to strong growth as smartphones take off around the world."
ADNC closed at $19.10 on Friday.
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