Cirrus Logic soars 30% on analyst upgrade, solid Q1 earnings
Cirrus Logic Inc. (Nasdaq:CRUS) has gained 30% today after analysts at Needham upgraded the Austin-based company to “buy” from “hold” ahead of the opening. Cirrus reported its first-quarter earnings and provided an upbeat second-quarter outlook after the close on Wednesday. For the quarter ended June 28, revenues were $44 million, up from $41.1 million in the same quarter a year ago. Net income was $3.7 million, or $0.06 per share. Analysts had been expecting earnings per share of $0.04 on revenues of $43.63 million.
The circuit maker expects revenues for the second quarter in the range of $50 million and $54 million.
During the past year, shares of Cirrus have been between $4 and $8.47. In today’s trading, shares are at $6.29 at 9:51, up $1.46 from Wednesday’s close.
For detailed price information and recent news stories about Cirrus Logic Inc., click CRUS.
