UPDATE: Feltl and Company Downgrades Cirrus Logic to Hold on Potential Headwinds
Feltl and Company reduced its rating on Cirrus Logic (NASDAQ: CRUS) from Buy to Hold and lowered its price target from $54 to $44.
Feltl and Company commented, "We have become less focused on growth metrics as we believe potential headwinds to future growth emerged during yesterday's earnings. CRUS has historically reported mid-50s GM levels. In our opinion a reduction in future GM levels to low-50s suggests potential longer-term issues than temporary concerns highlighted regarding difficulties in customer product ramp. While we believe CRUS remains innovative and likely offers future growth opportunities, we believe the potential for multiple headwinds to negatively impact future growth have likely increased."
Cirrus Logic closed at $40.78 on Wednesday.
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