U.S. Markets closed

Cirrus Logic longer term fundamentals still intact, says Sterne Agee

After Cirrus reported a $23M inventory reserve for the March quarter and weaker than expected demand for the June quarter, Sterne Agee cut its price target on the shares to $27 from $34. The firm, however, thinks that the stock's valuation is favorable at current levels and keeps a Buy rating on the shares.