UPDATE: Canaccord Raises PT on Cirrus Logic from $35 to $43

Canaccord reiterated a Buy rating on Cirrus Logic

and increased its price target from $35 to $43. Canaccord remarked, “We reiterate a BUY rating on Cirrus Logic following relatively in-line results and guidance that blew away Street consensus and our estimates. While management is careful not to provide a blatant view into the ramps of its customers' products, it was gleaned on the Q&A that both unit growth and increasing dollar content are meaningful contributors to the CQ3 revenue outlook. Further, we believe "substantial" CQ4 growth could be in the 25% Q/Q range. Our estimates rise sharply on the guidance and our price target is increased to $43 from $35, where the stock was trading after hours.” Cirrus Logic closed at $29.84 on Monday.