Cirrus Logic price target raised to $105 from $85 at Benchmark

Benchmark raised the firm’s price target on Cirrus Logic to $105 from $85 and keeps a Buy rating on the shares after the company reported fiscal Q3 results that the firm calls “solidly above expectations.” The midpoint guidance for the March quarter came in “moderately below” consensus estimates, but this was “not surprising” considering the strength in the December period and the benefits of favorable product mix to the higher content iPhone Pro models, the analyst says. The firm remains encouraged by the product and revenue diversification, the analyst added.