CRUS stock rose on January 31, 2022, after the company reported EPS and revenue beats.
Cirrus Q3 2022
On January 31, 2022, Cirrus Logic reported Q3 EPS of $2.54 versus the consensus estimate of $2.14. The company reported Q3 revenue of $548.3M versus the consensus estimate of $510.42M.
“Cirrus Logic reported record revenue in the December quarter, above the top end of our guidance, driven by significant contributions from the expanded high-performance mixed-signal content shipping into smartphones and strong overall demand for our products,” said John Forsyth, Cirrus Logic president and chief executive officer. “These results reflect our continued momentum in FY22 and mark another milestone in the execution of our strategy to diversify our product and technology portfolio. Building on our success over the past few years, we are investing in additional technologies targeting new opportunities for incremental content, including the areas of sensing, power, and battery systems. Moving forward, we believe we are well-positioned to increase the diversity of our business and drive long-term revenue growth.”
Cirrus Logic price target raised to $120 from $100 at Barclays
On January 12, 2022, Barclays analyst Blayne Curtis raised the firm’s price target on Cirrus Logic to $120 from $100 and keeps an Overweight rating on the shares. The analyst sees “positive outlooks providing some relief” for the semiconductor group but still struggles with “just how much upside is left as cyclicality still looms for many names.”
Cirrus Logic price target raised to $120 from $105 at KeyBanc
On January 11, 2022, KeyBanc analyst John Vinh raised the firm’s price target on Cirrus Logic (CRUS) to $120 from $105 and keeps an Overweight rating on the shares. With the Apple (AAPL) iPhone 14 front-facing camera expected to have autofocus capabilities using Cirrus’ camera controller, this gives the analyst line of sight to continued content increases.
📺 Cirrus Logic: A History of Innovation
📈 CRUS Stock Technical Analysis
The long-term trend is positive and the short-term trend is neutral. The long-term trend gets the benefit of the doubt for now. CRUS is an average performer in the Semiconductors & Semiconductor Equipment industry, it outperforms 69% of 107 stocks in the same industry. Volume is considerably higher in the last couple of days.
There is a support zone ranging from 86.80 to 87.53. This zone is formed by a combination of multiple trend lines and important moving averages in multiple time frames. There is also support at 81.70 from a trend line in the weekly time frame. Finally, there is a support zone ranging from 78.46 to 79.24. This zone is formed by a combination of multiple trend lines in multiple time frames.
There is a resistance zone ranging from 93.99 to 94.30. This zone is formed by a combination of multiple trend lines in multiple time frames.
CRUS has only a medium technical rating, but it does show a decent setup pattern. CRUS stock has a Setup Rating of 9 out of 10. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 93.99. Right above this resistance zone may be a good entry point. We notice that large players showed an interest for CRUS in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.