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Cirrus Logic (CRUS -2.5%) slips after Needham downgrades shares to Buy from Strong Buy, arguing...
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Wednesday, June 20, 2012, 12:13 PM ETCirrus Logic (CRUS -2.5%) slips after Needham downgrades shares to Buy from Strong Buy, arguing the company's 90% YTD return (compared with just 2% for chip stocks in general) warrants some profit-taking. The firm also points out Cirrus' heavy dependence on Apple (iPhone/iPad audio codec chip sales make up the majority of its revenue) could prove a dual-edged sword.
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