Apple supplier Cirrus jumps after qtrly beat

Cirrus Logic

08/05/2024 14:14

** Cirrus Logic's  CRUS.O  shares jump 14% to over 1-yr high
$103.88 premarket after chipmaker's fiscal Q4 results top
consensus
    ** CRUS set to rise for 5th straight session, if gains hold
    ** Co late Tues posted adj EPS of $1.24, up from $0.92 a yr
ago, easily topping LSEG estimate of $0.64
    ** Rev in qtr of $371.8 mln also exceeded Street view of
$316.6 mln
    ** iPhone maker Apple  AAPL.O  accounted for 87% of CRUS's
total net sales for first nine months of fiscal year 2024,
according to most recent 10-Q filing
    ** Several brokerages hike PTs reacting to the news,
including Barclays and TD Cowen
    ** 7 of 9 brokerages covering CRUS rate stock "strong buy"
or "buy", rest "hold"
    ** Median PT of $110 up from $100 a month ago
    ** Through Tues close, shares up 9.5% YTD and up ~17% over
the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))