Remember Cirrus Logic? (CRUS)

Earlier in 2010, one of the hottest stocks on the Nasdaq was Cirrus Logic CRUS, which is a semiconductor supplier to Apple AAPL. Despite a tremendous year, by any account, the buzz surrounding CRUS has quieted down considerably. Year-to-date, CRUS has risen 135%, but lost around 16% over the last 3 months. The stock has now formed a nice consolidation pattern after bouncing back from its lows in the fall and may be poised to break higher in 2011. On a fundamental basis, CRUS is rather cheap. The stock trades at a trailing P/E of 13.81, a forward P/E of 11.04, and a PEG ratio of 0.63. The average Wall Street price target on the name is $21.50, well above the current $16 share price.