Cirrus Logic Inc. (NASDAQ:CRUS): According to Needham, Cirrus Logic will probably win a large portion of the Apple (NASDAQ:AAPL) business which Audience (ADNC) lost. Also, the firm does not rule out that Cirrus Logic could possess content in the upcoming Amazon (NASDAQ:AMZN) Kindle Fire HD. Needham keeps a Buy and a $47 price target on the stock.
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Citigroup, Inc. (NYSE:C) is expected by Wells Fargo to record a $4 billion non-cash impairment of its $11 billion Morgan Stanley Smith Barney stake in Q3. However, the firm believes that this development could improve Citi’s chances to receive regulatory approval for the increase of capital returns in early 2013. Wells raised its valuation range on Citigroup to $34-$36 from $30-$33 and keeps its Outperform rating on the stock.
Polypore International Inc. (NYSE:PPO): According to Needham, the agreement disclosed by Exide Technologies (NASDAQ:XIDE) with Polypore’s (NYSE:PPO) Daramic division delivers increased financial visibility for Polypore’s lead acid business. Needham states that the agreement supports its view that lead acid separator uptake is rising. The firm keeps a Strong Buy rating and a $50 price target on the stock.
Level 3 Communications Inc. (NASDAQ:LVLT): According to Cowen, shares of Level 3 continue to be significantly undervalued due to the company’s bookings growth, success of the combined sales force from its recent acquisition, and its second half pipeline. Shares have an Outperform rating.
Hyatt Hotels Corporation’s (NYSE:H) valuation discount to peers is viewed by JPMorgan as unwarranted, and it says that the stock’s risk/reward profile is one of the most favorable in its coverage universe. The firm gives an Overweight rating and a $48 price target on the stock.
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