UPDATE: Sterne Agee Lowers PT on Cirrus Logic on Weaker Unit Demand

In a report published Friday, Sterne Agee analyst Andrew Huang reiterated his Buy rating on Cirrus Logic

, but lowered his price target from $42.00 to $34.00. In the report, Huang noted, “We are lowering our revenue and EPS estimates to reflect weaker than expected unit demand from the company's largest customer. As a result, we are lowering our fully taxed, CY14 EPS estimate from $3.62 to $3.43. Based on our new estimates, we are lowering our target price to $34, which is 10X our CY14 EPS. Maintain Buy.” Cirrus Logic closed on Thursday at $23.61.