Analyst Upgrades: Cirrus Logic, Cypress, Twitter

Analysts are weighing in today on integrated circuit specialist Cirrus Logic, Inc. (NASDAQ:CRUS), semiconductor issue Cypress Semiconductor Corporation (NASDAQ:CY), and microblogging site Twitter Inc (NYSE:TWTR). Here's a quick roundup of today's bullish brokerage notes on CRUS, CY, and TWTR.

• CRUS has jumped 11.8% out of the gate to trade at $21.03, after Barclays upgraded the chipmaker to "overweight" from "underweight," and boosted its price target to $28. This early morning rally has brought the shares (which closed at $18.84 on Friday) back above their year-to-date breakeven level of $20.42 -- good news for shareholders. However, Cirrus Logic, Inc. short sellers are likely feeling the heat. More than 13% of the stock's float is sold short, which would take roughly six sessions to buy back, at CRUS' typical daily trading volume.


• Wedbush boosted its opinion of CY to "outperform" from "neutral," and raised its price target to $18 from $12. This bullish brokerage note is well-deserved, considering the equity had rallied almost 30% year-to-date to sit at $13.63 at Friday's close, and has outperformed the broader S&P 500 Index (SPX) by 45.5 percentage points in the last two months. This morning, the equity is another 3.8% higher at $14.14, and just touched a two-year high of $14.16. Of course, much of this technical strength can be traced to recent news of a merger with Spansion Inc. (NYSE:CODE). Elsewhere, option traders at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have displayed a healthier-than-usual appetite for long calls over puts in recent weeks. Cypress Semiconductor Corporation's 10-day call/put volume ratio across this trio of exchanges is 11.11, which sits above two-thirds of all comparable readings from the previous 12 months.


• Finally, TWTR was initiated with a "market outperform" rating and $49 price target at JMP Securities, despite its long-term technical struggles. Specifically, the shares have tumbled 40% year-to-date to rest at $38.15. More broadly speaking, the brokerage bunch is divided on shares of the social media platform. Eleven analysts rate Twitter Inc a "strong buy," while 13 others have doled out either a "hold" or "strong sell" opinion. Meanwhile, TWTR's consensus 12-month price target of $51.32 stands in territory not charted since late October.