UPDATE: Credit Suisse Upgrades Audience to Neutral on Sequential Growth Momentum

Credit Suisse upgraded Audience

from Underperform to Neutral and raised the price target from $6.80 to $14.50. Credit Suisse commented, "ADNC beat C4Q rev/EPS and raised C1Q rev/EPS on new product launches at Samsung, and continued strong legacy sales at Apple (iPhone 3GS, 4, 4S). While AAPL will continue to decline for ADNC, we are upgrading to Neutral from Underperform, as we feel more comfortable that the company can manage thru the "transition" and begin to re-establish overall sequential growth over the next 3-4 quarters. Specifically AAPL was/will be 33%/28% of sales in C4Q12/C1Q13." Audience closed at $12.22 on Thursday.