By Senad Karaahmetovic
Benchmark analysts reiterated a Buy rating on Cirrus Logic (NASDAQ:CRUS) stock after it plunged yesterday on a report that Apple (NASDAQ:AAPL) has decided against updating physical volume keys with touch buttons on the iPhone 15.
Some Apple analysts said yesterday that “due to unresolved technical issues before mass production, both high-end iPhone 15 Pro models (Pro & Pro Max) will abandon the closely-watched solid-state button design and revert to the traditional physical button design."
However, yesterday's report didn’t change Benchmark’s bullish position on CRUS.
“While the missed opportunity is clearly disappointing, we do not see anything structural that gives us concern beyond the current cycle with the content expansion, diversification strategy and thesis firmly intact,” analysts said in a note.
Hence, the analysts see a buying opportunity in Cirrus stock with their $110 per share price target implying a ~23% upside potential based on yesterday’s closing price.
“[We] encourage investors to opportunistically add to position,” the analysts concluded.
Cirrus stock trades roughly 1% higher today.