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Investing.com - Benchmark raised its price target on Cirrus Logic (NASDAQ:CRUS) to $150.00 from $125.00 on Wednesday, while maintaining a Buy rating on the stock. This target aligns with analyst sentiment, as the stock appears undervalued according to InvestingPro Fair Value estimates, with analysts setting targets ranging from $95 to $155.
The research firm cited Cirrus Logic’s quarterly performance that exceeded expectations, with revenue beating forecasts by 4% and earnings per share coming in 19% ahead of consensus estimates. Sales outlook was 3% better than anticipated. InvestingPro data shows Cirrus Logic has achieved a perfect Piotroski Score of 9, reflecting exceptional financial strength, with diluted EPS of $6.40 over the last twelve months.
Benchmark attributed the upside primarily to smartphone strength and increasing traction in adjacent markets, though noted the company’s full-year volume and sales outlook remains unchanged due to revenue being pulled forward into the first half on earlier shipment timing of camera components.
The firm expressed encouragement regarding Cirrus Logic’s diversification efforts beyond smartphones, which are gaining momentum with continued design win traction in laptops, automotive, and professional audio markets. Benchmark specifically highlighted accelerating opportunities across the underpenetrated PC market.
Benchmark believes this diversification will provide a more balanced end-market mix to help smooth seasonality while supporting long-term growth trajectory and earnings leverage for Cirrus Logic.
In other recent news, Cirrus Logic reported strong financial results for the second quarter of fiscal 2026. The company’s earnings per share (EPS) came in at $2.83, significantly surpassing analyst expectations of $2.07. Revenue also exceeded forecasts, reaching $561 million. Following these robust earnings, KeyBanc raised its price target for Cirrus Logic from $135 to $150, maintaining an Overweight rating on the stock. KeyBanc attributed the company’s strong performance to increased iPhone unit shipments. Additionally, Cirrus Logic’s guidance for the third quarter exceeded expectations. Despite these positive developments, the company’s stock saw a slight decline in aftermarket trading. These recent updates highlight Cirrus Logic’s strong financial position and positive outlook according to analyst projections.
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