With several Apple suppliers licking their wounds after a week of losses, at least one analyst has started to upgrade them. Does that mean that shares of the iPhone maker have hit a bottom?
Pacific Crest Securities analyst John Vinh released a note late Thursday upgrading precision circuit maker Cirrus Logic, after the Apple supplier announced preliminary fiscal third-quarter net revenue of approximately $347 million, falling short of the $386 million predicted by analysts at Thomson Reuters.
Shares of Cirrus tumbled after hours, but given the pullback, Vinh wrote the stock is now "a buying opportunity." Analysts at Stifel also called for a bottom in the circuit maker's shares.