“Shares of Apple (AAPL) supplier Cirrus Logic (CRUS) slumped 18 percent on Thursday after the chipmaker said in a filing it faces growing pricing pressure in the smartphone market,” Noel Randewich reports for Reuters.
“Apple, under growing pressure from sellers of low-cost Android smartphones, represents about 85 percent of Cirrus’ revenue,” Randewich reports.
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Tiernan Ray reports for Barron’s, “Needham & Co.’s Vernon Essi also weighs in, reiterating a Buy rating, and cutting his price target to $22 from $26, calling today’s revelation ‘another dramatic set-back.’ Essi sees further pressure on Cirrus’s chip prices, and opines that a lower-cost model of Apple’s iPhone, widely rumored for some time, could be partly to blame.”
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