Cirrus Logic, Inc (NASDAQ:CRUS) stock climbed Wednesday morning after the company reported strong fourth-quarter financial results.
What Happened: Cirrus Logic reported fourth-quarter results after the market close on Tuesday that included adjusted EPS of $1.24, which came in above analyst estimates of 64 cents, according to Benzinga Pro.
The company reported fourth-quarter sales of $371.8 million, beating analyst estimates of $316.522 million. Despite beating sales estimates, the figure represents a 0.27% decrease from the prior year's fourth quarter sales of $372.822 million.
In addition, Cirrus Logic issued guidance for the first quarter. The company said it expects revenue of $290 million to $350 million versus estimates of $302.68 million.
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Following the company's quarterly results, Susquehanna maintained a Positive rating on the stock and raised the price target from $100 to $120. Stifel also maintained a Buy rating and raised the price target from $100 to $110.
Price Action: According to Benzinga Pro, Cirrus Logic shares were up 9.97% at $100.22 Wednesday morning.
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