Benzinga | Sep 7, 2021 08:08AM EDT

Barclays Upgrades Cirrus Logic To Overweight, Increased PT Implies 20% Upside

* Barclays analyst Blayne Curtis upgraded Cirrus Logic Inc (NASDAQ:CRUS) to Overweight from Equal Weight with a price target of $100, up from $95, signifying a 19.6% upside.

* Curtis sees a path to further content gains at Apple Inc (NASDAQ:AAPL) over the next several years for Cirrus and Android opportunities in audio and power.

* Further, he prefers names levered to the handset market versus other "more cyclical" end markets into 2022.

* Cirrus Logic's Apple content can move higher over the next few years as camera and power content broadens, says Curtis, who sees a path to $6-plus of EPS for the company by the second half of 2023.

* Price Action: CRUS shares traded higher by 3.64% at $86.66 in the premarket session on the last check Tuesday.