Cirrus Logic upgraded to Buy at Benchmark on diversification progress

Benchmark upgraded Cirrus Logic (CRUS) to Buy from Hold with a $125 price target after the company reported a “solid” Q3 performance and offered “healthy upside” to the Q4 outlook. While the continued success of the company’s largest customer, Apple (AAPL), and ongoing content expansion opportunities are “encouraging,” the firm’s upgrade is driven by the company’s continued progress on customer and end market diversification, the analyst tells investors.