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

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Audience Down 15% On Lower Chip Demand From Samsung

Credit Suisse upgraded Audience (NASDAQ: ADNC) 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.

Posted-In: Credit SuisseAnalyst Color Upgrades Analyst Ratings

 

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