UPDATE: Deutsche Bank Upgrades Audience to Hold, Raises PT
In a report published Friday, Deutsche Bank upgraded its rating on Audience (NASDAQ: ADNC) from Sell to Hold, and raised its price target from $5.00 to $13.00.
Deutsche Bank noted, “Audience reported Q4 revenues of $38.7m, above our estimate and consensus of $37.2m. Pro-forma EPS was $0.14, above our estimate of $0.08 and consensus of $0.10. Management expects Q1 revenue of $43--$46 million, above our estimate of $27.2 million and consensus of $31.9 million. They expect pro-forma EPS to be $0.15--$0.19, above our estimate of ($0.11) and consensus of ($0.05). Overall, we think Audience executed well this quarter, helped by better-than-expected demand for the iPhone 4S.”
Audience closed on Thursday at $12.22.
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