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If they come in with decent earnings and have good things to say about the future then this stock should be in good shape. If new products continue to come out and the new ones do well this stock should be 35-40 in a few months. The turnaround in the semi's is nice and as long as this company can come in with decent results it should do well. If results are poor then who knows.
The stock broke out today on just under 3 million shares. Based on the recovering book-to-bill and the lack of other hot groups in this market, it is poised for a move from 23 to 25. If it passes resistance at that level, it could run to 30. All the stock needs is positive group rotation toward semis. I think it might have been added toi Morgan Stanley's buy list late last week as well.
There has been a lot of talk about 30-35 per share in the industry. The earnings will tell the tale this week. I still like this company and will hold it. Does anybody know what day this week the earnings will be out??
If you look at the annual report, this company has grown at a very healthy rate. The recent glut in the chip market hurt everyone but Cirrus was especially hit hard. They have spent a tremendous amount of money on R&D and the under utilization of capacity hurt them in 1996. I feel that this quarter is going to be the turn around and we have endured the bottom.
The earnings anncouncement is due out today. I'm hoping for .03 per share which should get the price going in the right direction again. The other chip stocks like intel took cirrus down last fall and should help support us now. I think this company is a good bargin at the $23 level.