Cirrus Logic gains as KeyBanc ups price target after ‘strong’ Q1 results, guidance
by
Contributor since / Followers
Contributor since / Followers
4 months ago
Kurgu128/iStock via Getty Images
- Cirrus Logic (NASDAQ:CRUS) was in focus Wednesday after the semiconductor company reported stronger-than-expected results and guidance, prompting KeyBanc Capital Markets to raise its price target on the stock.
- Shares finished up more than 7.5% on Thursday.
- The results were encouraging, KeyBanc analyst John Vinh said in a note to clients. The upside in the current quarter was attributed to “strong” iPhone 15 demand, while the guidance reflects the ramp up of the iPhone 16 and more content inside of it, including an updated audio code, next-gen boosted amplifier and a higher attach rate of camera controllers, Vinh added. He raised his price target on Cirrus Logic to $165 from $145 and kept his Overweight rating.
- Cirrus Logic is an Apple (AAPL) supplier and Apple is believed to account for more than 80% of the company’s revenue.
- The next iPhone is widely expected to be announced in September.