Cirrus Logic Shares Rise After Q4 Earnings Results
Portfolio Pulse from Dylan Berman
Cirrus Logic, Inc. (NASDAQ:CRUS) saw its stock price rise after reporting Q4 earnings that exceeded analyst expectations. The company posted an adjusted EPS of $1.24, surpassing estimates of 64 cents, and reported sales of $371.8 million, beating estimates of $316.522 million but slightly down from the previous year. Cirrus Logic also provided Q1 revenue guidance in the range of $290 million to $350 million, compared to estimates of $302.68 million. Following these results, Susquehanna and Stifel raised their price targets for CRUS.
May 08, 2024 | 2:53 pm
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Cirrus Logic reported strong Q4 earnings with an EPS of $1.24 and sales of $371.8 million, exceeding analyst expectations. The company's Q1 revenue guidance is also above estimates, leading to a positive stock price movement and upgraded price targets by Susquehanna and Stifel.
Cirrus Logic's stock price increase is directly attributed to its Q4 earnings surpassing analyst expectations and the positive revenue guidance for Q1. Analyst upgrades from Susquehanna and Stifel further validate the positive outlook, likely leading to increased investor confidence and potential short-term price appreciation.
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