Benchmark Reiterates Buy Rating on Cirrus Logic (CRUS)

Benchmark analyst David Williams reiterated a Buy rating and $125.00 price target on Cirrus Logic (NASDAQ: CRUS).

The analyst commented, “We hosted CRUS for a day of virtual 1x1 meetings and a group investor call last week and came away with a continued positive view of the opportunities to drive revenue growth through its end market diversification strategy. However, Apple (AAPL – NR) remains the firm’s primary focus with multiple areas of new socket capture potential and continued content expansion. We are most enthusiastic about the PC space with a largely greenfield opportunity and an accelerating pipeline of design wins. The Automotive space is also gaining momentum with new products introduced last year and multiple possible domains in which to participate, including timing, audio, and haptics. While we do not see an immediate catalyst to drive shares appreciably higher in the short term, we think the improving end market mix will help smooth seasonal/customer volatility and drive sustainable, accretive, long term revenue growth and earnings leverage.”

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 $100.86 yesterday.

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