Cirrus Logic soars to record on Apple partnership

Qnity Electronics

26/03/2026 16:20

** Cirrus Logic Inc CRUS.O shares soar 7.4% to intraday record high of $153.90 on Thurs after Apple AAPL.O added the chipmaker and others to its American Manufacturing Program

** As part of the program, CRUS will collaborate with GlobalFoundries GFS.O to develop semiconductor process technologies for features such as Apple's Face ID

** CRUS stock surpasses previous intraday record peak of $146.88 from Feb 11

** Stock last up 6.5% at $152.68 and up ~29% YTD, outperforming ~7% decline in Nasdaq Composite .IXIC

** Shares recently traded at 16x fwd earnings, vs 5-yr avg of 15x, suggesting they may be close to fairly valued, per LSEG data

** Of 8 analysts covering the stock, 5 rate it 'strong buy' or 'buy'; 3 'hold'; median PT $155

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))