Feltl and Needham offer contrasting opinions on Cirrus Logic (CRUS -10.2%) in response to its FQ2 report and FQ3/FQ4 guidance (I, II, III). Feltl, downgrading to Hold, is worried product mix is contributing to margin pressure, not just Apple. Needham, upgrading to Strong Buy, now thinks Cirrus is getting $3.25 per iPhone thanks to higher iPhone 5 dollar content - that's $0.50 above a prior forecast, and responsible for a surging ASP. Needham believes Apple made up 79% of FQ2 sales. (transcript)
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