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Cirrus Logic

The fabless semiconductor company reported Wednesday fourth-quarter earnings of $50.8 million, or 75 cents a share, down from year-earlier earnings of $130.4 million, or $1.80 a share. Adjusted profit in the latest quarter was 36 cents a share compared with 22 cents a year earlier.

"We are raising estimates and reiterating our Outperform on CRUS following in-line 4Q (Mar.) sales/EPS of $111M/$0.36. Our price target moves to $30 from $28," Oppenheimer analysts wrote in a report Thursday. "Outlook for 1Q (Jun.) revenues of $101M fell short of consensus $107M on timing issues at Apple. Management expects a sharply higher level of revenue beginning in 2Q (Sep). Inventory is expected to double Q/Q as CRUS funds increased demand with a $100M revolver. We believe CRUS has secured the iPhone 5 socket and look for units as well as content increases to drive 2H upside. CRUS remains a top play on the growth and success of Apple. We look for shares to trade better today following management's bullish 2H commentary."

Shares of Cirrus Logic hit a 52-week high Thursday of $26.73. The stock's 52-week low of $12.52 was set on Aug. 9.

Cirrus Logic's forward P/E is 14.6; the average for semiconductor companies is 17.6. For comparison, Cypress Semiconductor ( CY) has a lower forward P/E of 12.28.

Six of the seven analysts who cover Cirrus Logic rated it buy; one analyst gave the stock a hold rating.

TheStreet Ratings gives Cirrus Logic a B grade with a buy rating and $28.53 price target. The stock has risen 67.44% year to date.


Taiwan Semiconductor

The semiconductor company said Thursday its first-quarter earnings declined 7.7%, but added that 2012 would be a year of "solid growth."

"TSMC noted that its 1Q12 sales were up q/q versus three months ago view that it could be down," Credit Suisse analysts wrote in a report Thursday. "TSMC's customer order momentum also remained strong in 1Q12, and helped TSMC guide 2Q12 revenue up sharply by 19-21% q/q. In addition, TSMC commented that its forecast for order intake in 2Q12 also remains strong, which the company expects will drive some growth q/q in 3Q12 as well. Company has spent $1.6bb of its CY12 capex in 1Q12, and expects 2012 capex will be back half weighted."

Shares of Taiwan Semiconductor hit a 52-week high Thursday of $15.69. The stock's 52-week low of $10.75 was set on Aug. 18.

Taiwan Semiconductor's forward P/E is 13.95; the average for semiconductors is 25.14.

Six of the eight analysts who cover Taiwan Semiconductor rated it hold; two analysts gave the stock a buy rating.

TheStreet Ratings gives Taiwan Semiconductor an A+ grade with a buy rating and $17.61 price target. The stock has risen 23.01% year to date.

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