BUZZ-Apple supplier Cirrus jumps after qtrly beat

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BUZZ-Apple supplier Cirrus jumps after qtrly beat

Reuters05-08

** Cirrus Logic's shares jump 14% to over 1-yr high $103.88 premarket after chipmaker's fiscal Q4 results top consensus

** CRUS set to rise for 5th straight session, if gains hold

** Co late Tues posted adj EPS of $1.24, up from $0.92 a yr ago, easily topping LSEG estimate of $0.64

** Rev in qtr of $371.8 mln also exceeded Street view of $316.6 mln

** iPhone maker Apple accounted for 87% of CRUS's total net sales for first nine months of fiscal year 2024, according to most recent 10-Q filing

** Several brokerages hike PTs reacting to the news, including Barclays and TD Cowen

** 7 of 9 brokerages covering CRUS rate stock "strong buy" or "buy", rest "hold"

** Median PT of $110 up from $100 a month ago

** Through Tues close, shares up 9.5% YTD and up ~17% over the past 12 months

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))

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