Cirrus Logic Analysts Boost Their Forecasts After Upbeat Q4 Results
Portfolio Pulse from Avi Kapoor
Cirrus Logic, Inc. (NASDAQ:CRUS) reported Q4 earnings surpassing expectations with adjusted earnings of $1.24 per share against estimates of 64 cents, and sales of $371.8 million versus expected $316.522 million. The company highlighted its progress in FY24, including product launches and investments in future products. Cirrus Logic anticipates Q1 revenue between $290 million to $350 million, against estimates of $302.68 million. Following the earnings report, shares rose 9.3% to $99.76. Analysts from Susquehanna and Stifel raised their price targets on CRUS to $120 and $110, respectively.
May 08, 2024 | 1:40 pm
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Cirrus Logic reported higher than expected Q4 earnings and sales, leading to a 9.3% increase in stock price. Analysts raised price targets following the results.
The positive earnings report and subsequent increase in stock price indicate a strong short-term bullish sentiment for CRUS. Analysts raising their price targets further supports this outlook, suggesting confidence in the company's future performance.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100