Cirrus Logic stock surges toward best day since 2014 after earnings, outlook top estimates
Shares of Cirrus Logic Inc. are up more than 20% in Thursday trading and on pace for their best single-day performance since Dec. 15, 2014, after the company delivered a strong earnings report and gave an upbeat forecast the prior afternoon. "While it is difficult for management to predict Apple's purchases/iPhone sales in the September vs. the December quarter (and therefore the better September may rob from December), we still view the upside as modestly encouraging," wrote Susquehanna analyst Christopher Rolland, who rates the stock at positive and hiked his target price to $58 from $56. "Importantly, management discussed a newly designed custom codec (Apple) ramping in the fall, which we believe may carry slightly better economics than the prior generation." The stock has soared 79% so far this year, as the S&P 500 has risen 20%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.