Cirrus Logic downgraded to Equal Weight from Overweight at Barclays

Barclays analyst Tom O’Malley downgraded Cirrus Logic to Equal Weight from Overweight with a price target of $120, down from $140. The firm rolled out new content assumptions for the iPhone SE4 and the iPhone 17 and assumes a more modest unit ramp next year. Barclays believes handset expectations are “out of touch.” The Cirrus Logic story has largely played out until we have line of sight on content increases in the iPhone 18, the analyst tells investors in a research note.