gained ground in recent trading, following news that
Salomon Smith Barney
initiated coverage of the company with an outperform rating.
"Cirrus has become one of the most attractive turnaround plays in the semiconductor industry in the last few years," the firm said in a research note.
Cirrus is due to release fiscal third-quarter results on Jan 24. Five analysts polled by
First Call/Thomson Financial
are calling for the company to earn 26 cents in the quarter, up from 5 cents in the year-ago period.
Shares of Cirrus, which is based in Austin, Texas, gained 88 cents, or 3%, to $30.25 in recent
trading. The stock has been as high as $32.97 today.