Cirrus Logic Inc (NASDAQ:CRUS) reported better-than-expected third-quarter financial results and issued fourth-quarter sales guidance above estimates on Tuesday.

Cirrus Logic reported quarterly earnings of $2.97 per share which beat the analyst consensus estimate of $2.44 per share. The company reported quarterly sales of $580.620 million which beat the analyst consensus estimate of $533.890 million.

Cirrus Logic said it sees fourth-quarter sales of $410.000 million to $470.000 million, versus market estimates of $384.290 million.

“Cirrus Logic delivered revenue above the high end of our guidance range for the December quarter driven by stronger-than-anticipated demand for components shipping into smartphones and a favorable mix of end devices,” said John Forsyth, Cirrus Logic president and chief executive officer.

Cirrus Logic shares gained 4.2% to $129.86 in pre-market trading.

These analysts made changes to their price targets on Cirrus Logic following earnings announcement.

• Benchmark analyst David Williams maintained Cirrus Logic with a Buy and raised the price target from $150 to $160.
• Stifel analyst Tore Svanberg maintained the stock with a Buy and boosted the price target from $150 to $163.

Considering buying CRUS stock? Here’s what analysts think:

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