UPDATE: Benchmark Initiates Audience with Hold, Awaiting Better Risk/Reward

In a report published Wednesday, Benchmark Company analyst Gary Mobley initiated coverage on

with a Hold rating and $15.00 price target. In the report, Benchmark Company noted, “We are initiating coverage of Audience, Inc. with a Hold rating and $15.00 price target. Audience develops best-of-breed audio and voice processing solutions. The company's technology has several valuable use cases including: 1) enhancement of voice quality in cellular phones, 2) filtration of background noise in order to improve voice-activated user interfaces and 3) filtration of background noise in order to improve voice/video recording. Despite strong market growth prospects and superior voice/audio processing technology, we are waiting for a more opportune time before carrying a ‘Buy' rating. Audience shares have more than doubled after the company revealed on 9/7/12 that its technology was not going to be used in the iPhone 5. Since then, shares have been catalyzed by deeper penetration at non-Apple customers (e.g. Samsung, Huawei, LG, etc.) as well as the recent successful launch of the Samsung Galaxy S IV smartphone.” Audience closed on Tuesday at $14.03.