NEW YORK (TheStreet) -- Cirrus Logic (CRUS), Magma Design Automation (LAVA), Amtech Systems (ASYS), Atmel Corp (ATML), Spreadtrum Communications (SPRD), Westell Technologies (WSTL), AXT Inc (AXTI), MIPS Technologies (MIPS), Magic Software (MGIC) and UniTek Global Services (UNTK) are 10 technology stocks expected to return up to 115%, based on their respective 12-month price targets.During the past one year, these stocks have recorded exponential gains outperforming both their peers and the S&P 500. The stocks have gained anywhere between 100%-300% and are expected to have further upsides, according to analysts. Moreover, most of these stocks are trading at single-digit PEs much lower than the S&P 500 which is trading at a PE of 15.35.
10. Cirrus Logic is a premier supplier of high-precision analog and digital signal processing components for audio and energy markets. It develops ICs, board-level modules and hybrids for high-power amplifier applications branded as the Apex Precision Power line of products. The stock has gained 164% during the past one year. During the third quarter ended Dec. 2010, total revenue increased 46.7% year-over-year to $95.6 million. Gross margin improved 132 basis points to 54.86%, while operating margin expanded 744 basis points to 24.17%. Subsequently, net income more than doubled to $24.6 million or 34 cents per share compared to $11.1 million or 17 cents per share a year ago. Analysts estimated earnings of 33 cents per share. Going forward, the company expects to record revenue of $88-$94 million during the fourth quarter. This would represent an increase of 40%-50% year-over-year. Furthermore, gross margin is estimated to range between 54-56%. Of the six analysts covering the stock, 50% recommend it a buy, while 33% rate it a hold. There is one sell rating on the stock. On average, analysts expect an upside of 37% to $28 in value from current levels.