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Cirrus Logic (NASDAQ:CRUS) was downgraded by Oppenheimer from a “market perform” rating to an “underperform” rating in a research note issued on Monday, reports.

The analysts wrote, “We are downgrading shares of CRUS to Underperform from Perform. Customer/product/end-market concentration, as well as valuation, drive our incremental caution looking forward. Top customer Apple, ~80% of sales, is likely to dominate CRUS’ top line for the foreseeable future. A dearth of new features/functionality to supply Apple, as well as increasing margin pressure at that OEM, leaves CRUS susceptible to growing ASP/margin degradation. ASPs/GMs at AAPL have already dropped from ~$4+/50%+ to ~$3/45%. We expect, further pressuring the model, CRUS to become a full 35% tax-payer in 1HCY15, materially impacting FCF/EPS. We remain wary of CRUS’ content trends at Apple and highlight the lure of integrated audio to OEMs in an increasingly margin-pressured market. We see little valuation support here.”

Several other analysts have also recently commented on the stock. Analysts at Sterne Agee cut their price target on shares of Cirrus Logic from $28.00 to $24.00 in a research note to investors on Tuesday, November 12th. They now have a “buy” rating on the stock. Separately, analysts at Needham & Company cut their EPS estimates on shares of Cirrus Logic in a research note on Monday. They now have a “buy” rating and a $26.00 price target on the stock. They previously had a $28.00 price target on the stock. Finally, analysts at Barclays reiterated an “underweight” rating on shares of Cirrus Logic in a research note to investors on Monday, November 11th. They now have a $16.00 price target on the stock. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $24.41.

In other Cirrus Logic news, VP Thomas Stein unloaded 4,500 shares of the stock on the open market in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $20.20, for a total transaction of $90,900.00. Following the transaction, the vice president now directly owns 8,247 shares of the company’s stock, valued at approximately $166,589. The sale was disclosed in a document filed with the SEC, which is available at this link.

Cirrus Logic (NASDAQ:CRUS) traded down 1.48% on Monday, hitting $19.30. The stock had a trading volume of 1,617,124 shares. Cirrus Logic has a 52 week low of $16.46 and a 52 week high of $31.97. The stock has a 50-day moving average of $20.79 and a 200-day moving average of $20.62. The company has a market cap of $1.226 billion and a P/E ratio of 8.81.

Cirrus Logic (NASDAQ:CRUS) last released its earnings data on Tuesday, October 29th. The company reported $0.84 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.60 by $0.24. The company had revenue of $190.70 million for the quarter, compared to the consensus estimate of $181.68 million. During the same quarter last year, the company posted $0.79 earnings per share. Cirrus Logic’s revenue was down 1.6% compared to the same quarter last year. On average, analysts predict that Cirrus Logic will post $2.64 earnings per share for the current fiscal year.

Cirrus Logic, Inc is a United States-based company, which supplies high-precision analog and digital signal processing components for audio and energy markets.

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