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

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In a report published Friday, Sterne Agee analyst Andrew Huang reiterated his Buy rating on Cirrus Logic (NASDAQ: CRUS), 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.

Latest Ratings for CRUS

DateFirmActionFromTo
Mar 2016NeedhamInitiates Coverage onBuy
Feb 2016Topeka CapitalInitiates Coverage onBuy
Jan 2016BarclaysMaintainsOverweight

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Posted-In: Sterne AgeeAnalyst Color Price Target Analyst Ratings

 

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