UPDATE: Deutsche Bank Initiates Buy, $23 PT on Audience; Levered to iPhone Growth

Deutsche Bank initiates its coverage on Audience

with a Buy rating and a price target of $23. Deutsche Bank comments, "Audience is expanding its presence among smartphone makers. We believe they are now integrated into Apple's A5 applications processor and are a standard technology in all iPhones. The company is also picking up designs at most of the other major handset vendors. We think this will lead to strong growth as smartphones take off around the world." ADNC closed at $19.10 on Friday.