Cirrus Logic (CRUS) iPhone Footprint Could Double, Thoughts from Management Meetings - Stifel
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Stifel analyst Tore Svanberg reiterated a Buy rating and $112.00 price target on Cirrus Logic (NASDAQ: CRUS) after holding virtual meetings with CRUS senior management, including President & CEO John Forsyth, CFO Thurman Case, and VP of Mixed-Signal Products Carl Alberty. The analyst believes momentum in high performance, mixed signal is accelerating and that the amount of content in new iPhones is expanding.
The analyst stated "CRUS is clearly and aggressively moving from Audio into more High Performance Mixed-Signal (HPMS) opportunities. While this puts the company in more direct competition with large, established incumbents, it also opens the door to larger, “greenfield” (but adjacent) market opportunities. These new/growing non-Audio products include three CRUS product families:
• Haptic driver & sensing solutions. ASP: $0.35-$0.85.
• Camera controllers (CLC). ASP: ~$0.50+.
• Fast-charging & power ICs (Lion Semi acq. + internal). ASP: $0.50-$1.50
Notably, these new product families represent a potentially doubling of CRUS’ smartphone content opportunity, from ~$1.35-$2.85 vs. ~$0.85-$2.25 for its traditional Audio content (boosted amps + smart codecs)."
Shares of Cirrus Logic closed at $87.95 yesterday.
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