Benchmark says Cirrus Logic investors should ‘opportunistically add’ on pullback

Benchmark notes that Cirrus Logic (CRUS) shares were down sharply yesterday following reports of a last-minute design change in the next iteration of Apple’s (AAPL) iPhone. While the missed opportunity is "clearly disappointing," the firm contends that "shares are oversold regardless of the accuracy of the news" as it does not see anything structural that gives it concern beyond the current cycle. The firm reiterates its Buy rating and $110 price target on Cirrus shares and encourage investors to "opportunistically add to position" with shares retreating.