Cirrus Logic price target raised to $175 from $120 at Susquehanna

Susquehanna raised the firm’s price target on Cirrus Logic to $175 from $120 and keeps a Positive rating on the shares as part of a Q2 earnings preview for the semiconductor group. The firm expects “continued broad-based headwinds,” but says they will be uneven as different markets progress at different stages of the downcycle. For personal computers, Susquehanna slightly raised 2024 notebook builds and sell-through, saying Q2 finished better than expectations, though it continues to believe that artificial intelligence PCs will not drive a meaningful acceleration in the second half of 2024. For Handsets, the analyst is forecasting smartphone shipments to increase 4.5% in 2024 to 1.2B units, slightly higher than prior as the firm’s Q2 checks came in stronger than expectations.