Analyst Ratings February 4, 2026

Benchmark lifts Cirrus Logic target to $160 after strong quarter; sees expansion in audio markets

Firm keeps Buy rating as results, guidance and market opportunities underpin higher valuation

By Derek Hwang CRUS
Benchmark lifts Cirrus Logic target to $160 after strong quarter; sees expansion in audio markets
CRUS

Benchmark raised its price target on Cirrus Logic (NASDAQ:CRUS) to $160 from $150 and reiterated a Buy rating after the semiconductor supplier posted a beat-and-raise quarter. The upgrade reflects outsized earnings and revenue versus consensus, robust iPhone-related shipments from its largest customer, and guidance that topped Street expectations. Benchmark and other analysts point to growing content in PCs and a nascent automotive opportunity as drivers for additional revenue expansion.

Key Points

  • Benchmark raised its price target on Cirrus Logic to $160 from $150 and kept a Buy rating after a strong quarter.
  • Cirrus Logic reported EPS about 22% above consensus and revenue roughly 9% above estimates; LTM diluted EPS is $7.02 with a P/E of 19.83 and PEG of 0.87.
  • Guidance was provided roughly 14% above market expectations; Benchmark forecasts ~5% revenue growth year-over-year and sees the company on track to exceed $2 billion in annual revenue for the first time.

Benchmark on Wednesday increased its one-year price target for Cirrus Logic to $160.00 from $150.00, while retaining a Buy recommendation following the company’s latest quarterly report. The new target accompanies data showing Cirrus Logic trading close to its 52-week high of $136.92, with Fair Value calculations indicating the shares may still be undervalued.

The research house highlighted a repeat "beat-and-raise" quarter, noting that record quarterly iPhone shipments from the company’s largest customer were a significant contributor. Cirrus Logic’s quarterly results delivered earnings per share roughly 22% ahead of consensus and revenue about 9% above expectations, according to Benchmark’s summary of the report.

On a trailing-twelve-month basis, Cirrus Logic’s diluted EPS is reported at $7.02, translating to a price-to-earnings ratio of 19.83 and a PEG ratio of 0.87. Benchmark described the PEG as attractive, signaling a relatively low P/E in light of the company’s growth prospects.

Despite the company entering what is typically a softer March quarter, management provided guidance that Benchmark says sits roughly 14% above market expectations. Using current levels, Benchmark anticipates revenue growth of about 5% year-over-year and projects that Cirrus Logic is on a path to exceed $2 billion in annual revenue for the first time.

Third-party data cited alongside the firm’s view indicates revenue at $1.95 billion and a free cash flow yield of 9%. Financial health metrics referenced in the same dataset show an overall score classified as "GREAT", a balance-sheet position with more cash than debt, and a current ratio of 6.5.

Benchmark also called out steady progress in the PC market, where adoption of Cirrus Logic’s technologies remains in early stages but content per device is expanding. The firm quantified the addressable opportunity from this trend at an incremental $1.2 billion serviceable addressable market. In addition, Benchmark identified the automotive segment as an emerging area of expansion, driven by the migration of premium audio and new system architectures into mid- and lower-tier, higher-volume vehicle platforms.


Separate analyst activity followed the company’s fiscal third-quarter 2026 results, which showed record quarterly earnings per share of $2.97 versus an expected $2.41 - a 23.24% upside surprise. Revenue for the quarter reached $580.6 million, topping the forecast of $534.52 million by 8.62%. The company attributed the outperformance primarily to higher smartphone unit volumes, partially offset by declines in general market sales.

In response to those results, Stifel raised its price target for Cirrus Logic to $163 from $150 and maintained a Buy rating, citing the strong earnings print as a factor in its decision. These analyst moves underscore industry recognition that Cirrus Logic has the capacity to exceed market expectations even amid broader market headwinds.

The combination of recent quarterly outperformance, elevated guidance relative to consensus, constructive valuation metrics and identified new end markets formed the basis for Benchmark’s higher target and continued positive stance on the stock.

While the company’s performance was driven in large part by smartphone-related volumes, the research commentary also emphasized early but expanding content gains in PCs and a potential revenue runway in automotive audio platforms as key elements that could support longer-term upside.

Risks

  • Seasonal softness in the March quarter could temper near-term performance despite above-consensus guidance - impacts consumer electronics and semiconductor markets.
  • Higher smartphone volumes drove the recent beat, while declines in general market sales partially offset gains, indicating exposure to variability in end-market demand - impacts mobile device and broader electronics sectors.
  • Progress in PC adoption and automotive expansion is still early; if content gains or automotive migration do not scale as anticipated, projected addressable-market benefits may be delayed - impacts PC and automotive supply chains.

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