Benchmark Downgrades Cirrus Logic (CRUS) to Hold

Benchmark analyst David Williams downgraded Cirrus Logic (NASDAQ: CRUS) from Buy to Hold.

The analyst comments "We are reducing our rating of CRUS from Buy to Hold as shares approach fair value following the firm’s latest beat and raise earnings report. Although we appreciate the new content growth at Apple and remain upbeat on the migration to laptops, we believe current share price is reflecting these incremental BOM gains. Additionally, we think the firm’s consistent track record of beating expectations (20 of last 21 quarters) is baked into buy side models and is likely to temper meaningful upside even as estimates move higher into the handset build cycle. As we see little in the way of near-term catalysts to push shares higher, we move to the sidelines until we gain better clarity around the magnitude and pace of growth opportunity for laptop applications."

For an analyst ratings summary and ratings history on Cirrus Logic click here. For more ratings news on Cirrus Logic click here.

Shares of Cirrus Logic closed at $112.40 yesterday.

You May Also Be Interested In

• Freedom Broker Downgrades Mondelez International (MDLZ) to Hold
• Benchmark Reiterates Buy Rating on IMAX Corporation (IMAX), Highlights 'The Odyssey' Potential
• Piper Sandler Assumes Provident Financial Holdings (PROV) at Neutral