Why Now Is a Great Time to Buy This Growth Stock
What appears to be a worsening novel coronavirus outbreak in China is casting a pall of gloom on Apple (NASDAQ: AAPL) stock and on the companies in its supply chain. Audio-codec supplier Cirrus Logic (NASDAQ: CRUS) took a slight hit after Apple slashed its fiscal second-quarter revenue guidance this week. The iPhone maker said that the outbreak has caused many of its partner stores in China to shut down and is also impacting the iPhone supply chain, which is ramping at a slower-than-expected pace.
This negative development has been weighing on Cirrus stock of late despite a strong fiscal third-quarter earnings report that surpassed expectations.
However, the drop in Cirrus shares opens up a buying opportunity for savvy investors looking for a growth stock as the problem seems more temporary than long-term in nature. Let me explain why.
Source Fool.com
