UPDATE: Stifel Nicolaus Raises PT to $56 on Cirrus Logic on Higher Guidance
Stifel Nicolaus reiterated its Buy rating on Cirrus Logic (NASDAQ: CRUS) and raised its price target from $54 to $56.
Stifel Nicolaus commented, "In terms of guidance, the company expects December quarter revenue of $270mn-$300mn (up 39.3% to 54.8% q/q), mid-point of $285mn, well above our recently revised and street-high estimate of $250.0mn and Street consensus of $237.7mn. Cirrus also indicated that it expects the March quarter to be down ~15% q/q, which implies revenue of $242.3mn, well above our prior estimate of $200mn and the Street consensus of $195.3mn. Additionally, GMs are now expected to remain in the low 50% range for the foreseeable future."
Cirrus Logic closed at $40.78 on Wednesday.
Latest Ratings for CRUS
|Jun 2016||Canaccord Genuity||Initiates Coverage on||Buy|
|Mar 2016||Needham||Initiates Coverage on||Buy|
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