Cirrus Logic (CRUS)

Cirrus Logic, Inc. (CRUS - Analyst Report) is a fabless OEM of analog, mixed-signal and digital processing integrated circuits (ICs). The company's 4Q results were in line with our expectation.

On the positive side, CRUS reflects a strong balance sheet with no debt. The company has also provided decent 1Q 2010 guidance. Cirrus' new product offerings are expected to benefit end customers.

The seismic product line remains a strong growth area and should help increase revenue going forward. This group should maintain its growth even after factoring in the changes in oil price. Our recommendation remains a BUY with a price target of $5.50.