Oppenheimer analyst Rick Schafer raised his price target for Cirrus Logic (CRUS) to $70 from $65 after the company reported Q3 results easily ahead of the Street's estimates on well-documented, better than feared Apple's (AAPL) iPhone shipments. The analyst believes the softer topline near-term reflects Samsung's (SSNLF) decision to opt for a lower-end smart codec in the GS8. Additionally, Schafer notes that the March guide, while lower than consensus, still implies 38% year over year growth. He remains a buyer and reiterates an Outperform rating on Cirrus Logic's shares.

Apple saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link