UPDATE: Deutsche Bank Upgrades Audience to Hold Following Better-Than-Expected Q4

Deutsche Bank upgraded Audience

from Sell to Hold and raiseed the price target from $5.00 to $13.00. Deutsche Bank noted, "Audience reported Q4 revenues of $38.7m, above our estimate and consensus of $37.2m. Pro-forma EPS was $0.14, above our estimate of $0.08 and consensus of $0.10. Management expects Q1 revenue of $43--$46 million, above our estimate of $27.2 million and consensus of $31.9 million. They expect pro-forma EPS to be $0.15--$0.19, above our estimate of ($0.11) and consensus of ($0.05). Overall, we think Audience executed well this quarter, helped by better-than-expected demand for the iPhone 4S. We upgrade to Hold and raise our price target to $13." Audience closed at $12.22 on Thursday.