Cirrus rallies after results blow away expectations

Cirrus Logic

02/11/2022 13:25

** Cirrus Logic Inc's  CRUS.O  shares up 6.1% at $72
premarket after Apple  AAPL.O  supplier's results crush
expectations
    ** Analog and audio chipmaker late Tues reported fiscal Q2
grew 16% yr/yr to $540.6 mln and adj EPS of $1.99 vs Refinitiv
IBES estimates of $463 mln/$1.44  urn:newsml:reuters.com:*:nBw6PK4WVa  urn:newsml:reuters.com:*:nTUA1NBNKB
    ** CRUS forecasted Q3 rev (Dec-qtr) of $520-$580 mln
    ** Cowen, which rates CRUS "outperform", called print a
"blowout quarter"
    ** "We believe ongoing content gains and exposure to
Apple/iPhone, assisted by Q/Q improved Android market drove
strength as premium tier broadly sustains," Cowen wrote in note
    ** Apple, which accounts for ~80% of CRUS's business, last
week reported Sept-qtr iPhone sales below Wall Street
expectations and said its total revenue in holiday qtr would
grow under 8%
    ** 12 analysts cover CRUS and on avg rate stock "buy" with
$91.95 median PT, per Refinitiv
    ** Shares have fallen 26% YTD through Tues close vs Nasdaq's
 .IXIC  30% decline
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))