Cirrus Logic, Inc. (NASDAQ: CRUS) — This developer of high-precision analog and mixed-signal integrated circuits began a major move higher early in December, when it broke out from under $6 a share.
Then, in mid-April, it began a high-volume march supported by earnings surprises in both fiscal year (FY) Q4 2010 and FY Q1 2011. On July 20, the company announced FY Q1 2011 earnings of 29 cents versus a 1-cent loss in Q1 2010, and up from 16 cents in Q4 2010. Analysts estimate that earnings will reach $1.47 in the current fiscal year, and $1.59 the following year.
Support now rests at the 50-day moving average, with its bullish support line at around $16. Resistance is at $21.
Ford Equity Research rates the stock a “strong buy.” The price target by year-end is $25. Because CRUS is close to the top of its range, buyers may want to enter orders at under $19 with a stop-loss at $16.
If you have questions or comments for Sam Collins, please e-mail him at samailc@cox.net.
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