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- Benchmark analyst David Williams reiterated a Buy rating on the shares of Cirrus Logic, Inc. (NASDAQ:CRUS), lowering the price target to $95 from $110.
- David remains particularly cautious about Cirrus's confirmation of the elimination of a new socket win in the latest iPhone design. Cirrus is one of the suppliers to Apple Inc. (NASDAQ:AAPL).
- Read More: Why Cirrus Logic Shares Are Getting Hammered After Apple Analyst Remarks
- The analyst expects the company's June-quarter revenue to decline 22% sequentially on seasonally weaker handset volume and from the lost sales opportunity on the abandoned socket.
- Revenues in the just-reported fourth quarter stand at $372.8 million. Apple contributed 81% of total revenue, down 22% Y/Y to $302 million.
- For FY24, the analyst expects revenue of $1.68 billion, down 12% Y/Y below the prior consensus of $1.91 billion and EPS of $5.05 versus the previous $6.38 estimate.
- These apart, Cirrus is likely to see higher inventory levels. With excess wafer capacity from the socket cancellation, softer global smartphone unit volumes, and the supply purchase commitments with Global Foundries, inventory should remain above historical levels for at least the next few quarters, the analyst notes.
- Price Action: CRUS shares are trading lower by 1.83% at $78 on the last check Monday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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