Why Cirrus Logic Was Rocketing Higher This Week
Buoyed by a strong quarterly earnings report and resulting analyst price target lifts, audio processor specialist Cirrus Logic (NASDAQ: CRUS) was an outperformer of a stock in recent days. As of early Friday morning the company's share price had increased more than 17% week to date, according to data compiled by S&P Global Market Intelligence.
Cirrus posted its results for its fiscal fourth quarter of 2024, ended March 30, on Tuesday, and the investor reaction was strong and immediate. That's little wonder, as the company crushed analyst estimates on both the top and bottom lines. Non-GAAP (adjusted) net income was a particularly notable line item, as it soared 31% higher year over year to land at over $69 million.
As frequently occurs when one of the stock market's companies crushes it in a quarter, analysts wasted no time getting officially more bullish on Cirrus.
Source Fool.com
