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Sep 24, 2026Technology

Cirrus Logic (CRUS) — Cheap on Paper, Fair on Cash Flow

CRUSCirrus Logic

Neutral

Initiate at Neutral, $125 PT (+5%). A high-quality, cash-rich franchise, but FY27 is an earnings-down year as opex outruns revenue, and most of the 'cheap' multiple is net cash and excluded SBC. Apple is 91% of sales.

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