Oppenheimer analyst Rick Schafer maintained a Hold rating on Cirrus Logic (CRUS) today. The company’s shares closed yesterday at $38.44.
Schafer wrote:
“We’re reducing our CRUS estimates after the company reported results Wednesday. F3Q (Dec.) Sales/EPS of $324.3M/$0.91 topped negatively pre-announced (12/3) consensus $319.4M/$0.78E. F4Q (Mar) sales were guided to $220M, well below consensus est of $275M and our Street low $225M. We attribute weakness to well- known iPhone struggles. Much like CY18, we see a difficult set-up for CRUS in CY19, as lackluster iPhone units combine with lack of incremental iPhone content to dampen any growth hopes. A tough macro environment and the ongoing semi cycle correction add to headwinds. Long term, we see CRUS as an iPhone content story as multiple new products, from MEMs mics to voice bio, are likely to one day drive sales growth/ upside. Next content event seems unlikely before CY20; we remain on the sidelines.”
According to TipRanks.com, Schafer is a top 100 analyst with an average return of 14.5% and a 67.6% success rate. Schafer covers the Consumer Goods sector, focusing on stocks such as Akoustis Technologies, Skyworks Solutions, and Texas Instruments.
Currently, the analyst consensus on Cirrus Logic is a Hold with an average price target of $40.
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The company has a one-year high of $50.95 and a one-year low of $31.25. Currently, Cirrus Logic has an average volume of 1.02M.
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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.
