UPDATE: Stifel Nicolaus Raises PT to $54 on Cirrus Logic on iPhone 5 Strength

Stifel Nicolaus reiterated its Buy rating on Cirrus Logic

from $50 to $54. Stifel Nicolaus commented, "We are raising our estimates for Cirrus Logic, on the heels of significant strength of Apple's iPhone 5, where demand appears to have exceeded prior estimates, better sell-through of lower-priced iPhone 4/4S and the launch of several new products from apple including the new iPad mini (7.9-inch) and the new iPad 4th generation that is leading to even higher 2HCY12 results than we had previously modeled. Other factors that could play into further estimate revisions are a possibility of earlier availability of the iPhone 5 in the largest market: China (China Unicom and China Telecom). We remain comfortable with Cirrus' position at its leading customer and believe both unit and content growth will become more evident and could continue to drive estimates higher in coming quarters." Cirrus Logic closed at $39.21 on Tuesday.