Cirrus Logic price target raised to $163 from $150 at Stifel

Stifel raised the firm’s price target on Cirrus Logic (CRUS) to $163 from $150 and keeps a Buy rating on the shares following the company’s “strong” fiscal Q3 beat and “meaningfully raised” fiscal Q4 revenue outlook. The firm views the report as a continuation of Cirrus’ steady long-term approach to capturing opportunities as they arise with its largest customer, while maintaining its focus on expanding applications outside of smartphones, the analyst tells investors.