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Cirrus Logic Shares Jump Following Upgrade From Feltl, Analyst Likes Possibilities For Non-Apple Growth

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Shares of Cirrus Logic (NASDAQ: CRUS) have surged more than 6 percent Wednesday morning following an earlier upgrade from Feltl & Co.'s Jeff Schreiner.

Schreiner boosted his investment rating on Cirrus from Hold to Buy and lifted his price target from $20 to $26.

The analyst called Cirrus shares currently undervalued given prospects within the voice-enabled markets for non-Apple growth. Schreiner noted the company's new catalog-based analog-to-digital microphone converter could aid in opportunities from more broad based smartphone OEMs.

Schreiner also mentioned the iWatch as a possible catalyst for Cirrus. He believes the company's gross margins have begun stabilizing.

With shares of Cirrus last trading at $21.93, the firm's new price target implies potential upside of about 19 percent.

Latest Ratings for CRUS

DateFirmActionFromTo
Dec 2014OppenheimerUpgradesUnderperformPerform
Dec 2014BarclaysUpgradesUnderweightOverweight
Jul 2014BarclaysMaintainsUnderweight

View More Analyst Ratings for CRUS
View the Latest Analyst Ratings

Posted-In: Analyst Color News Upgrades Price Target Analyst Ratings Movers

 

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