CRUS - Cirrus Logic falls after Loop Capital downgrades on demand-related challenges
2023-05-22 13:24:05 ET
Cirrus Logic ( NASDAQ: CRUS ) fell ~3% on Monday afternoon after Loop Capital downgraded the semiconductor company on demand-related challenges.
The ratings agency lowered the rating on CRUS to Hold from Buy, and cut the price target to $80. The shares are currently trading at $76.56.
Notably, the agency had also cut the ratings on Apple to hold from Buy today, considering the potential for "material" downside risk to June quarter revenue relative to Apple's guidance and Wall Street estimates.
As Cirrus Logic's key client Apple looks to cut its iPhone production in the June quarter, the agency believes that the company's "$ content opportunity remains at incremental risk" through 2023.
The current ratings action is in-line with the ratings from Seeking Alpha's Quant Rating system and analysts .
Meanwhile, the sell-side analysts give to the stock a Buy rating, with an average price target of $93.53.
More on Cirrus Logic:
- Cirrus Logic's Crazy Revenue Signature
- Cirrus Logic Hit Hard On Rumored Apple Design Change, But The Long-Term Story Remains Intact
- Cirrus Logic: Still Apple-Dependent
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Cirrus Logic falls after Loop Capital downgrades on demand-related challenges