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Here’s a Reason Cirrus Logic (CRUS) Stock Is Gaining Today

NEW YORK (TheStreet) -- Shares of Cirrus Logic (CRUS) are advancing 4.54% to $40.08 on heavy trading volume on Tuesday morning after company's stock was initiated with a "buy" rating and a $52 price target at Canaccord.

The maker of integrated circuits for audio applications is expected to "yield strong sales and earnings growth" with its product portfolio "despite the well-documented slowing of global smartphone growth and iPhone unit growth from leading customer Apple (AAPL)," Canaccord analysts wrote in a note released this morning.

Austin, TX-based Cirrus Logic is expected to provide $4 in content per each iPhone 7, up from the previous estimate of $3.50.