Cirrus Logic soars to record on Apple partnership

Cirrus Logic Inc CRUS.O shares soar 7.4% to intraday record high of $153.90 on Thurs after Apple AAPL.O added the chipmaker and others to its American Manufacturing Program

As part of the program, CRUS will collaborate with GlobalFoundries GFS.O to develop semiconductor process technologies for features such as Apple's Face ID

CRUS stock surpasses previous intraday record peak of $146.88 from Feb 11

Stock last up 6.5% at $152.68 and up ~29% YTD, outperforming ~7% decline in Nasdaq Composite .IXIC

Shares recently traded at 16x fwd earnings, vs 5-yr avg of 15x, suggesting they may be close to fairly valued, per LSEG data

Of 8 analysts covering the stock, 5 rate it 'strong buy' or 'buy'; 3 'hold'; median PT $155