"While we realize CRUS shares aren’t for every investor due to its Apple concentration, we...

|By:, SA News Editor

"While we realize CRUS shares aren’t for every investor due to its Apple concentration, we still believe that when investors return to AAPL shares, CRUS will get a much needed lift," writes Needham's Vernon Essi, coming to beaten-down Cirrus Logic's (CRUS +3.3%) defense. He also declares Cirrus is "unlikely" to lose its status as Apple's iPhone/iPad audio codec supplier. Shares now trade at just 6x FY14E (ends March '14) EPS, even as estimates fall due to iPhone-related concerns.