Cirrus Logic, Inc.(NASDAQ:CRUS), a maker of analog and mixed-signal integrated circuits, is a Thursday gainer as the major chip supplier to Apple (NASDAQ:AAPL) advances in the wake of AAPL’s upbeat earnings and iPhone sales.
CRUS is up nearly 5% near midday and earlier traded up to $20.43, its best level in two weeks. The company derives 80% to 85% of its total sales from Apple, according to Oppenheimer Research.
Apple, late Wednesday, said it sold 43.7 million iPhones in its fiscal Q2, beating analyst estimates for 38 million. Apple reported revenues of $45.65 billion, above consensus of $43.53 billion. EPS of $11.62 also exceeded consensus of $10.18.
AAPL is up 8% in early-afternoon trading.
In related news, Analysts at Cowen and Company have raised their price target on shares of Apple Inc. (AAPL) to $630 from $590. The firm maintained its outperform rating on the stock. In the pre-market session, shares of AAPL have surged more than 8% to $568.68, within a 52-week range of $388.87 – $575.14.
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