Barclays Capital Reiterates Underweight Rating, $16 PT on Cirrus Logic After Amplifier Loss in iPad Air is Confirmed

In a report published Monday, Barclays Capital analyst Blayne Curtis reiterated an Underweight rating and $16.00 price target on

. In the report, Barclays Capital noted, “When we published our thoughts on the initial iPad Air teardowns last week, we noted that CRUS' audio CODEC was clearly visible but we were unable to locate the two CRUS amps found in previous versions. At the time, we were also unable to identify amplifiers from a competitor, so we left this potential socket loss story as a point of further investigation. Today, we have identified 4 Maxim MAX98304 Class D Amplifiers, which confirm that Cirrus did in fact lose the amplifier socket.” Cirrus Logic closed on Friday at $22.25.