- Analysts cut Cirrus Logic (NASDAQ:CRUS) targets after the company trimmed its guidance on weak smartphone demand.
- Craig-Hallum drops CRUS from $47 to $44 noting Cirrus lost content with Apple this iPhone cycle between the lower ASP chipset and the loss of the dongle included in the box. Cirrus is securing about $4 in total content per phone, down from $5.50 in the last cycle.
- The firm does think Cirrus will gain more content in the 2019 iPhones and, in the near-term, there's the opportunity to expand in Samsung's mid-tier devices.
- More action: Cowen drops Cirrus from $42 to $39. The firm is optimistic about Cirrus Logic's long-term audio IC expertise, but the near-term Apple exposure overshadows for now.
- Source: StreetAccount.
- CRUS is down 6% premarket to $36.35.
- Previously: Cirrus Logic -6% on guidance cut (Dec. 3)