KeyBanc lowered the firm’s price target on Cirrus Logic (CRUS) to $110 from $120 and keeps an Overweight rating on the shares. The firm believes Apple (AAPL) will no longer adopt side haptics buttons in the iPhone 15 due to lower-than-expected manufacturing yields, but will push this feature into the iPhone 16 in 2024. Content associated with this feature was expected to be a key content driver for Cirrus this year. While KeyBanc views this development as a setback, it does not change its longer-term thesis on the stock but defers more meaningful growth and catalysts to next year’s iPhone 16 launch.
Published first on TheFly
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Read More on CRUS:
- Cirrus Logic price target lowered to $105 from $108 at Stifel
- Leaks show iPhone 15 may contain capacitive buttons, BGR reports
- Benchmark says Cirrus Logic investors should ‘opportunistically add’ on pullback
- Button Trouble at Cirrus Logic Sends Stock Diving
- Cirrus sinks after analysts warn of Apple ditching solid-state button
