Cirrus Logic (CRUS) Still Has Plenty of Upside Left - Cramer
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Shares of Cirrus Logic, Inc. (Nasdaq: CRUS) are up in pre-market trading today, as Jim Cramer and colleague Dan Fitzpatrick made bullish remarks about the company recently. Shares are up about 2.3% ahead of the open.
Fitzpatrick says, according to the charts, that the stock broke out of its bullish trend in May of this year, accelerating even higher. Stronger volume from institutional buying solidified the move. (Notably, it looks like strong volume was evident in an attempt of the stock to break out of the $11 to $12 trading range). Fitzpatrick also noted that the 50-day SMA, which was a support level during the run, turned into support for the stock in August. He notes that the break above the SMA, which happened yesterday, could be the start of another bullish run for the shares.
Cramer agreed with Fitzpatrick, saying that the company will see plenty of upside as they receive 34% of their revs from Apple (Nasdaq: AAPL). As the company is planning on making a move into smartphones next year, and management chips currently en fuego, Cramer thinks the 11.6x P/E and 20% growth rate make this a stock to bite into.
Fitzpatrick says, according to the charts, that the stock broke out of its bullish trend in May of this year, accelerating even higher. Stronger volume from institutional buying solidified the move. (Notably, it looks like strong volume was evident in an attempt of the stock to break out of the $11 to $12 trading range). Fitzpatrick also noted that the 50-day SMA, which was a support level during the run, turned into support for the stock in August. He notes that the break above the SMA, which happened yesterday, could be the start of another bullish run for the shares.
Cramer agreed with Fitzpatrick, saying that the company will see plenty of upside as they receive 34% of their revs from Apple (Nasdaq: AAPL). As the company is planning on making a move into smartphones next year, and management chips currently en fuego, Cramer thinks the 11.6x P/E and 20% growth rate make this a stock to bite into.
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