Apple Supplier Cirrus Logic Stock Jumps As Wall Street Gets Bullish On ‘Solid’ Q3 Earnings, ‘Healthy’ Guidance: Retail Remains Bullish

Shares of Cirrus Logic Inc. (CRUS) soared nearly 7% during mid-day trade on Wednesday after rating upgrades and price target hikes from Wall Street after the company posted third-quarter results on Tuesday.

According to TheFly, analysts at Benchmark upgraded the Cirrus Logic stock to ‘Buy’ from ‘Hold’ on the back of “solid” performance in the third quarter and a “healthy upside” in its fourth-quarter outlook.

The brokerage firm has a price target of $125 for the stock, implying an upside of over 15% from current levels.

Their analysts believe that the continued success of Cirrus Logic’s largest customer, Apple Inc.’s (AAPL), and current business expansion opportunities are “encouraging.”

Barclays analysts hiked their price target to $115 from $105, implying an upside of over 6% from current levels. The brokerage maintained its ‘Equal Weight’ rating.

It noted that Cirrus Logic’s performance was better than expected on the back of Apple’s performance.

Cirrus Logic posted earnings per share (EPS) of $2.51 in the third quarter, ahead of consensus estimates of $2.04. Its revenue was $555.7 million, beating estimates of $510.3 million.

The Austin, Texas-based semiconductor supplier guided for fourth-quarter revenue from $350 million to $410 million.

Retail sentiment on Stocktwits was in the ‘bullish’ (63/100) territory, while message volume was in the ‘extremely high’ (90/100) zone.

Cirrus Logic’s stock price has declined nearly 4.6% over the past six months. However, its one-year performance is much better, with gains of nearly 38%.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Also See: BigBear.ai Stock Hits Over 32-Month High On Bagging Department Of Defense Contract: Retail's Extremely Bullish