Cirrus Logic Shares Jump Following Upgrade From Feltl, Analyst Likes Possibilities For Non-Apple Growth

Shares of Cirrus Logic CRUS have surged more than 6 percent Wednesday morning following an earlier upgrade from Feltl & Co.'s Jeff Schreiner. Schreiner boosted his investment rating on Cirrus from Hold to Buy and lifted his price target from $20 to $26. The analyst called Cirrus shares currently undervalued given prospects within the voice-enabled markets for non-Apple growth. Schreiner noted the company's new catalog-based analog-to-digital microphone converter could aid in opportunities from more broad based smartphone OEMs. Schreiner also mentioned the iWatch as a possible catalyst for Cirrus. He believes the company's gross margins have begun stabilizing. With shares of Cirrus last trading at $21.93, the firm's new price target implies potential upside of about 19 percent.