Cirrus Logic shares rose, after Barclays analysts upgraded ratings on the semiconductor company.
Barclays analysts boosted their rating on the shares of the Apple supplier to overweight from equal weight. They also increased their price target to $100 from $95.
Analyst Blayne Curtis cited the path they expect on further content gains at Apple over next several years. Curtis also emphasized on Android opportunities in both audio and power.
“In the near term, we see further upside to September/December estimates and believe Apple content can move higher over the next two to three years as camera and power content broadens,” Curtis wrote in the research note.
“We realize this may fall on deaf ears at this point but we still favor exposure to the handset market into calendar 2022 vs. many other end markets such as PCs, gaming, consumer electronics, and Industrial where we see greater risk of a correction,” the analyst mentioned.