Loop Capital upgrades Cirrus Logic to Buy, sees stock at ‘trough valuation’

Loop Capital upgraded Cirrus Logic (CRUS) to Buy from Hold with a price target of $100, up from $83. The stock offers a unique opportunity emerging for both the company and investors, as Cirrus Logic can level up its earnings per share to $7.00 – $10.00 in the coming years from about $6.00 currently amid a “handful of shots on goal” given the steady cadence of new Apple (AAPL) hardware content opportunities emerging, the analyst tells investors in a research note. The stock also looks to be at trough valuation and isn’t baking in any new material content gains, the firm added.