Seeking Alpha
Editor's notes: Upcoming Apple product refreshes coupled with the potential for diversification into new sockets mean consensus estimates for CRUS are likely too low. 30% potential upside.

Cirrus Logic (CRUS) is a leading developer of mixed signal and analog ICs for a range of consumer and industrial markets. The vast majority of the company's revenue base is levered to the performance of Apple (AAPL) iPhone and iPad products (>80% in the MRQ), for which Cirrus develops custom audio codec integrated circuits ("ICs"). While such leverage to Apple's key product lines makes the firm susceptible to longer term margin pressure, it is my belief that as the firm has already guided down its long-term gross margin and operating margin ranges to mid-40% and 20%, respectively, that the gross margin reset is largely baked in and the focus going forward will be on...

Only subscribers can access this article, which is part of the PRO research library covering 3,758 different stocks.
Growing numbers of fund managers and other investment professionals subscribe to Seeking Alpha PRO for equity research that is unavailable elsewhere, so they can: