Cirrus rallies after iPhone demand buoys quarterly results

Cirrus Logic

03/08/2022 16:48

** Shares of Cirrus Logic Inc  CRUS.O  rising over 4% on Wed
after the Apple  AAPL.O  supplier's qtrly report beat estimates,
helped by strong demand for iPhones
    ** The maker of audio chips late on Tues reported fiscal
first-qtr rev and adjusted EPS above analysts' expectations
    ** "It appears premium-tier demand continues to be strong,
with (average selling prices) likely benefiting from supply
constraints," Needham analyst Rajvindra Gill wrote in a client
note
    ** Gill and at least two other analyst bumped up their CRUS
price targets following the co's report, per Refinitiv. Median
PT is $100, vs current price of $87.59
    ** CRUS down ~5% YTD, much less than the Nasdaq's  .IXIC 
19.5% decrease

 (Reporting by Noel Randewich)
 ((noel.randewich@tr.com; Twitter: @randewich;))