Cirrus Logic Inc (CRUS.O) shares soar 7.4% to intraday record high of $153.90 on Thurs after Apple (AAPL.O) added the chipmaker to its American Manufacturing Program As part of the program, CRUS will collaborate with GlobalFoundries (GFS.O) to develop semiconductor process technologies for features such as Apple’s Face ID
CRUS stock surpasses previous intraday record peak of $146.88 from Feb 11
Stock last up 6.5% at $152.68 and up ~29% YTD, outperforming ~7% decline in Nasdaq Composite (.IXIC)
Shares recently traded at 16x fwd earnings, vs 5-yr avg of 15x, suggesting they may be close to fairly valued, per LSEG data
Of 8 analysts covering the stock, 5 rate it ‘strong buy’ or ‘buy’; 3 ‘hold’; median PT $155 (Lance Tupper is a Reuters market analyst. The views expressed are his own)

AAPL

CRUS

- Cirrus Logic Inc shares increased by 7.4% to an intraday record high of $153.90 after being added to Apple's American Manufacturing Program.  
- The company will partner with GlobalFoundries to develop semiconductor technologies for features like Face ID, with the stock currently up approximately 29% year-to-date.  
- Analysts show a positive outlook, with 5 out of 8 recommending 'strong buy' or 'buy,' and a median price target of $155.

Reuters

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BUZZ-Cirrus Logic soars to record on Apple partnership