Cirrus Logic (CRUS) shares plummeted 10.21% in intraday trading, despite the company reporting record quarterly revenue and receiving multiple analyst upgrades. This unexpected downturn has left investors puzzled, as the company's fundamentals appear strong.

According to the company's recent financial report, Cirrus Logic achieved record September quarter revenue of $561 million, primarily driven by robust demand for components in smartphones. CEO John Forsyth emphasized the company's long-term strategy focused on maintaining leadership in the smartphone audio market and expanding high-performance mixed-signal solutions.

Adding to the confusion, several analysts raised their price targets for Cirrus Logic. Benchmark increased its target from $125 to $150, maintaining a Buy rating. Stifel also raised its target to $150 from $140, while Barclays bumped its target to $95 from $90. Despite these positive analyst actions, the stock's sharp decline suggests that investors may be reacting to undisclosed factors or broader market concerns not reflected in the company's strong quarterly performance.