Cirrus Logic price target raised to $120 from $100 at KeyBanc

KeyBanc raised the firm’s price target on Cirrus Logic (CRUS) to $120 from $100 and keeps an Overweight rating on the shares. The firm notes Cirrus Logic posted strong Q4 results and Q1 guidance, which were solidly above expectations. Results indicate iPhone demand continues to track in line and has yet to see a major correction, as Apple (AAPL) represented 86% of revenues, which has been consistent with most of Cirrus’ peers with the exception of Skyworks (SWKS).