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NEW YORK (TheStreet) -- Cirrus Logic (CRUS) stock is skyrocketing by 14.84% to $32.11 on heavy trading volume this afternoon following an upgrade at Oppenheimer and a fiscal 2016 third quarter earnings beat yesterday.

After yesterday's market close, the chipmaker posted adjusted earnings of 82 cents per share, ahead of analysts' expectations for earnings of 81 cents per share.

Revenue was $347.9 million for the quarter, compared to estimates for $346.8 million.

Additionally, Cirrus anticipates that revenue will range between $210 million and $240 million for the current quarter, behind estimates for $258 million.

Following the company's financial results, Oppenheimer upgraded shares to "outperform" from "perform" and established a $40 price target.

Although Cirrus's March-quarter outlook is behind the consensus estimate, management remains confident in growth above 15% during fiscal 2017, the firm points out. This growth supports content gains of 60% or more in Apple's (AAPL) upcoming iPhone 7.

"We would use recent weakness as an opportunity add to positions as content gains in IP7 could drive material upside to Street estimates through CY2H16," Oppenheimer wrote in a note.

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.

Cirrus' strengths such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, attractive valuation levels and compelling growth in net income outweigh the fact that the company shows weak operating cash flow.

You can view the full analysis from the report here: CRUS

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

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