UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Cirrus Logic

In a report published Friday, Canaccord Genuity reiterated its Buy rating on Cirrus Logic

, and raised its price target from $43.00 to $48.00. Canaccord Genuity noted, “We reiterate a BUY rating on shares of CRUS based on likely upside to estimates on a strong product cycle with Apple. In our view, inventory build in the present quarter indicates revenue growth well above the consensus view for CQ4 while dollar content assumptions could prove to be conservative, both of which could drive a substantial increase to our C2013 EPS estimate of $3.27. We expect multiple expansion into earnings season and raise our price target to $48 from $43.” Cirrus Logic closed on Thursday at $41.80.