This Supercharged Nasdaq Stock Is Up 35% in 2023, But Is It a Buy?
Shares of chipmaker Cirrus Logic (NASDAQ: CRUS) have been red-hot so far in 2023 amid the broader market rally as well as solid results for its fiscal 2023 third quarter (ended Dec. 24, 2022, and released on Feb. 2).
The company, which counts Apple (NASDAQ: AAPL) as its largest customer, beat the slowdown in the smartphone market last quarter and delivered year-over-year revenue growth that surprised analysts. What's more, Cirrus' adjusted earnings turned out to be way better than Wall Street had expected. Investors cheered the company's results, which is evident from the stock's terrific returns so far this year.
But can Cirrus sustain this momentum? Or will the chipmaker's rally fizzle out thanks to its poor near-term guidance? Let's find out.
Source Fool.com
