UPDATE: Stifel Nicolaus Upgrades Cirrus Logic to Buy, Establishes PT of $26

Stifel Nicolaus raises its rating on Cirrus Logic

with a Buy rating and $26 price target as it sees the company as the leader on Audio IC. Stifel Nicolaus notes, "At yesterday's close, shares were off 33% from its 52-week high presenting, in our view, a window of opportunity for investors to build positions in one of the fastest growing small-cap semiconductor growth stories. Market expansion through organic growth within portable audio has driven CRUS's revenue over the past few years from $174mn (FY09) to $420.8mn (FY12E), and with incremental opportunities with emerging products, we believe there remains plenty of growth on the horizon. We believe Cirrus is well positioned to outgrow the broader semi market while maintaining solid GM through higher levels of integration and demonstrating operating leverage." CRUS closed at $16.97 per share on Monday.