Cirrus Logic, Inc.(NASDAQ:CRUS) Jumped To Multi-Year High On Robust Earnings

Cirrus Logic, Inc.(NASDAQ:CRUS) shares continued to hit new multi-year high on Friday. The stock was recently up 2.8% to a new high of $28.18. The stock soared about 31% over the past couple of trading session.Late Wednesday, the company posted a better-than-estimated fourth quarter earnings, although profit tumbled 61% on increased tax rate.The company reported profit of $50.8 million, or 75 cents a share, compared to a year ago profit of $130.4 million, or $1.80 a share. On an adjusted basis, the company would have earned 36 cents a share, up from 22 cents a share a year ago.
Revenue during the quarter grew to $110.6 million, up from $91.4 million a year earlier.Analysts were estimating the company to report 34 cents a share.

For fiscal 2012, Cirrus earned $88 million, or $1.29 a share, compared with a profit of $203.5 million, or $2.82 a share, in fiscal 2011. Full-year net revenue grew to $426.8 million from $369.6 million the year before.For its fiscal first quarter, the company projects to generate revenue in the range of $96 million and $106 million. Analysts are expecting $106.6 million.

Following the solid earnings, analyst at Capstone lifted its price target on the stock by $3 to $31 and maintained its Buy rating on the stock. The firm noted that “We believe March quarter CRUS AAPL revenues ~$70 million, or 63%, of March quarter revenues, implies sequential decline in potential iPhone shipments towards ~28 million to 30 million with likely step-up in iPad units due to full quarter of “New iPad” shipments. We expect iPad units likely equal 16 million during June quarter, compared with recently reported 12 million for March quarter.”Also, analyst at Oppenheimer & Co raised its price target by $2 to $30, while maintaining an Outperform rating on the shares.

Cirrus Logic, Inc. develops high-precision, analog and mixed-signal integrated circuits (ICs) for a range of audio and energy markets. Building on the Company’s diverse analog mixed-signal patent portfolio, Cirrus Logic delivers products for consumer and commercial audio, automotive entertainment, and targeted industrial and energy-related applications. Cirrus Logic also develops ICs, board-level modules and hybrids for high-power amplifier applications branded as the Apex Precision Power (Apex) line of products.