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.