Cirrus Logic Rating Lowered to Underweight at Barclays (CRUS)
Cirrus Logic (NASDAQ:CRUS) was downgraded by investment analysts at Barclays from an “equal weight” rating to an “underweight” rating in a note issued to investors on Wednesday, TheFlyOnTheWall.com reports. They currently have a $16.00 price objective on the stock, down from their previous price objective of $21.06. Barclays’ price objective indicates a potential downside of 28.57% from the stock’s previous close.
The analysts wrote, “CRUS delivered slightly better Sept revenue with EPS well ahead (one-time GM benefit) but guided Dec only slightly ahead in its seasonally strongest quarter. We are moving to an Underweight (from Equal Weight) as this final positive catalyst is out of the way and we see downside to estimates from here given a likely more seasonal Q1 (we are at $160M vs. St. $183M). We do recognize CRUS’ diversification efforts but see no indications that any products will be able to offset AAPL (80%+ customer) and see declining earnings given AAPL’s slowing growth rates coupled with declining ASPs (AAPL and Samsung more focused on costs) and the burn through of NOLs late next year (38% tax). We maintain our PT of $16 which is 14x our CY15 EPS estimate.”
A number of other analysts have also recently weighed in on CRUS. Analysts at Zacks upgraded shares of Cirrus Logic from a “neutral” rating to an “outperform” rating in a research note to investors on Thursday, September 26th. They now have a $24.60 price target on the stock. Separately, analysts at Northland Securities initiated coverage on shares of Cirrus Logic in a research note to investors on Wednesday, September 25th. They set a “market perform” rating and a $26.00 price target on the stock. Finally, analysts at Northland Capital Partners initiated coverage on shares of Cirrus Logic in a research note to investors on Wednesday, September 25th. They set a “market perform” rating and a $26.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Cirrus Logic has a consensus rating of “Hold” and a consensus target price of $26.81.
Shares of Cirrus Logic (NASDAQ:CRUS) opened at 22.40 on Wednesday. Cirrus Logic has a 1-year low of $16.46 and a 1-year high of $33.64. The stock has a 50-day moving average of $23.41 and a 200-day moving average of $20.63. The company has a market cap of $1.421 billion and a P/E ratio of 10.11.
Cirrus Logic (NASDAQ:CRUS) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.84 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.60 by $0.24. The company had revenue of $190.70 million for the quarter, compared to the consensus estimate of $181.68 million. During the same quarter last year, the company posted $0.79 earnings per share. Cirrus Logic’s revenue was down 1.6% compared to the same quarter last year. Analysts expect that Cirrus Logic will post $2.65 EPS for the current fiscal year.
In other Cirrus Logic news, VP Timothy R. Turk unloaded 61,286 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $24.91, for a total transaction of $1,526,634.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Cirrus Logic, Inc is a United States-based company, which supplies high-precision analog and digital signal processing components for audio and energy markets.
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