Cirrus Logic saw its IBD SmartSelect Composite Rating rise to 96 Friday, up from 94 the day before.
The new score tells you the company is now outperforming 96% of all stocks in terms of the most important fundamental and technical stock-picking criteria. History shows the top market performers tend to have a 95 or higher score as they launch their major moves.
Cirrus Logic is currently extended beyond a proper buy zone after breaking out from an 89.30 entry in a double bottom. Best to place it on a watch list and wait for a new pattern to form that would offer a less risky entry point.
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Earnings Update
One weak spot is the company's 78 EPS Rating, which tracks quarterly and annual earnings-per-share growth. Look for that to improve to 80 or better to show it's in the top 20% of all stocks, despite the big move up after the most recent earnings report.
Its Accumulation/Distribution Rating of A- shows heavy buying by institutional investors over the last 13 weeks.
The company reported -6% earnings-per-share growth for Q3. Sales growth fell to 8%, down from 16% in the prior quarter.
Cirrus Logic earns the No. 7 rank among its peers in the Electronics-Semiconductor Fabless industry group. Impinj, Rambus and Lattice Semiconductor are among the top 5 highly-rated stocks within the group.
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