Why Cirrus Logic Rallied Today
Shares of audio mixed-signal chipmaker Cirrus Logic (NASDAQ: CRUS) were rising on Tuesday, up as much as 6.3% at one point before pulling back to a 4.1% gain as of 2:30 p.m. ET. Cirrus rose on the back of a positive analyst note, which had good news for this smartphone-related chipmaker, as well as others.
In a research note published today, Keybanc analyst John Vinh raised his price target on Cirrus to $155, up from a prior target of $120.
The price-target increase comes from Vinh's channel checks showing improving expectations for the iPhone 16 this year, especially after the unveiling of Apple Intelligence last month. Of note, Cirrus is a key chip supplier to Apple. According to Vinh, Cirrus should continue to make the iPhone's audio chips as it usually does and the iPhone 16's new camera button may use Cirrus' haptics driver, as well.
Source Fool.com
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