Shares of

Cirrus Logic

(CRUS) - Get Cirrus Logic, Inc. Report

gained ground in recent trading, following news that

Salomon Smith Barney

initiated coverage of the company with an outperform rating.

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"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

Nasdaq

trading. The stock has been as high as $32.97 today.