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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.
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| Market Summary | Nov 26, 2009 07:26 am ET |
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