UPDATE: Canaccord Initiates Coverage on Cirrus Logic with Buy Rating, $35 PT
In a report published Monday, Canaccord Genuity initiated coverage on Cirrus Logic (NASDAQ: CRUS) with a Buy rating and a $35.00 price target
Canaccord noted, “We initiate coverage of Cirrus Logic with a BUY rating ahead of tonight's earnings release. We expect consensus estimates to move materially higher following the report, driven by a strong outlook on new product introductions from Apple holding higher Cirrus Logic dollar content. Longer term, Energy offers an opportunity for diversification as Cirrus ramps meaningful volumes of its high-performance LED controllers, while motor control offers an additional opportunity to diversify.”
Cirrus Logic closed on Friday at $28.96.
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