Cirrus to rally 36% on more iPhone share: Analyst

iPhone in a repair store
Eduardo Munoz | Reuters

Investors should buy Cirrus Logic as the audio chipmaker is gaining more market share in iPhones and Android smartphones, according to Canaccord Genuity.

"We believe Cirrus' leading portfolio of audio codec, amplifier and MEMS microphone products is well positioned to yield strong sales and earnings growth for the company for the next several years," Canaccord Genuity's Matthew Ramsay wrote in a note to clients Tuesday.

"Catalyzed by USB-C [new connector standard], we believe adoption of premium audio features (such as those in iPhone) will accelerate as Android OEMs look to differentiate."