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Bear of the Day: Cirrus Logic (CRUS)
Tech stocks have been exceptionally hot coming off the October lows. Those with some connection to AI have really been rocking and rolling. That is why we have seen huge moves in the likes of NVIDIA and AMD. Today’s Bear of the Day is a stock in the Electronics – Semiconductor industry. It’s Zacks Rank #5 (Strong Sell) Cirrus Logic. ((CRUS - Free Report) ).
Cirrus a fabless semiconductor company, develops low-power, high-precision mixed-signal processing solutions in China, the United States, and internationally. The company offers audio products, including codecs components that integrate analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) into a single integrated circuit (IC); smart codecs, a codec with digital signal processing; boosted amplifiers; standalone digital signal processors; and SoundClear technology, which consists of a portfolio of tools, software, and algorithms that helps to enhance user experience with features, such as louder, high-fidelity sound, audio playback, voice capture, and hearing augmentation.
The reason for the unfavorable Zacks Rank is the recent negative earnings estimate revisions coming from analysts. Over the last ninety days, two analysts have come in and cut estimates for the current year while one has done so for next year. The bearish sentiment has forced our Zacks Consensus Estimate down from $6.52 to $5.12 for the current year and down from $6.31 to $6.07 for next year.
Image Source: Zacks Investment Research
That puts current year EPS forecasts at a 20.25% contraction with 18.61% growth next year. On the revenue side, that translates to a 9.59% contraction this year, with growth coming in at 11.68% next year.
The Electronics – Semiconductors industry ranks in the Bottom 29% of our Zacks Industry Rank. There are a few names within the industry that are in the good graces of our Zacks Rank. These include Zacks Rank #1 (Buy) stocks Allegro Micro Systems ((ALGM - Free Report) ) and Rambus ((RMBS - Free Report) ).