Oppenheimer analyst Rick Schafer maintained a Hold rating on Cirrus Logic (CRUS) today. The company’s shares closed yesterday at $38.67.
Schafer commented:
“Monday after the bell CRUS revised down F3Q (Dec.) revenue from $380M to $320M driven by iPhone unit shortfalls. Investors may be surprised by the magnitude; however, iPhone weakness has been well established over the past few weeks as fellow Apple suppliers have reduced estimates. Looking to CY19, we continue to see disappointing iPhone units and a lack of incremental CRUS content at Apple (82% of revenues in F2Q) hindering growth. Long term, a variety of products including MEMs mics, ANC and voice biometrics support content-driven growth for CRUS, though we don’t expect them to contribute meaningfully before 2020. We’re lowering estimates again and remain sidelined for now.”
According to TipRanks.com, Schafer is a top 100 analyst with an average return of 14.0% and a 66.9% success rate. Schafer covers the Consumer Goods sector, focusing on stocks such as Akoustis Technologies, Skyworks Solutions, and Texas Instruments.
The word on The Street in general, suggests a Hold analyst consensus rating for Cirrus Logic with a $41.57 average price target, representing a 7.5% upside. In a report issued on November 21, Needham also maintained a Hold rating on the stock.
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Cirrus Logic’s market cap is currently $2.31B and has a P/E ratio of 24.63. The company has a Price to Book ratio of 2.02.
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Cirrus Logic, Inc. develops high-precision, analog and mixed-signal integrated circuits for a range of customers. It builds an analog and signal-processing patent portfolio. The company delivers optimized products for a variety of audio, industrial and energy-related applications.
