Investors should consider taking a look at a semiconductor supplier that is poised to benefit from strong Apple sales. "We are encouraged by multiple greenfield growth opportunities, " wrote TD Cowen's Matthew Ramsay. "While essentially at the mercy of Cirrus's iPhone content at > 75%+ customer Apple, we believe current consensus estimates do not account for new content opportunity into which management has reasonable line of sight.
" He highlighted "sizable upside should units come through." CRUS YTD mountain Shares this year Along with content gains from Apple, Ramsay also cited battery charging opportunities in laptops in China and drive socket diversification within audio and power applications among the growth opportunities for Cirrus Logic . The bullish commentary from Wall Street comes after the company posted strong fiscal first-quarter results on Tuesday and offered stronger-than-expected guidance for the current quarter, driven by the iPhone 16 ramp and content growth from products such as its boosted amplifiers.
Shares popped about 8% on Wednesday. They have rallied roughly 50% in 2024. The consensus price target implies more than 19% upside in store for shares, according to FactSet.
CRUS 1D mountain Shares pop on strong results, guidance Following the results, Barclays analyst Tom O'Malley revised 2024 and 2025 earnings estimates higher to account for continued upside from Apple units. The firm expects EPS to come in at $6.72 per share this year and $6.
86 per share.