Could Cirrus Logic gain from changes to new iPhones?
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Like clockwork, Apple (NASDAQ:AAPL) releases a new iPhone every year. Some have minor or modest changes, while other iterations of the devices have seen drastic developments.
And even though some believe the next version of the iconic smartphone could be more on the modest side of the change scales, semiconductor company Cirrus Logic (NASDAQ:CRUS) may benefit substantially from the new device and beyond. 
KeyBanc Capital Markets analyst John Vinh said that the next-version of the iPhone could have a periscope zoom lens, an upgraded sensor for auto-focusing as well as the removal of physical side buttons for the Pro and Max models. And with these changes, Cirrus Logic (CRUS) is likely to see a roughly 20% increase in its products being used in the new iPhones.
All told, Vinh believes Cirrus Logic (CRUS) could see as much as $7 worth of content in the iPhone 15, up from roughly $5.70 for the iPhone 14.
Going beyond that, Vinh expects "sustained and further content increases" in the iPhone model, due in part to the introduction of next-generation audio codecs and amplifiers.
"We ultimately believe the sustainability of these increases will allow investors to own Cirrus for longer durations," Vinh wrote in an investor note, adding that this will end up driving "a continued rerating in [Cirrus'] stock multiple."
Apple (AAPL) is expected to release the new iPhone in September. Aside from changes to its camera system, the new device could use USB-C charging from its current Lightning system and incorporate the popular Dynamic Island feature on all models.
As with any Apple (AAPL) supplier, Cirrus Logic (CRUS) is at the mercy of the tech giant, as it drives nearly 80% of Cirrus' (CRUS) sales. Nonetheless, the company, led by Chief Executive John Forsyth, has worked to expand its non-Apple business, which is now believed to be roughly 20% of Cirrus' (CRUS) total revenue.
And while it remains a "work in progress," given the weakness in the smartphone market, particularly for Xiaomi and Samsung (OTCPK:SSNLF) devices, any normalization in smartphones could benefit Cirrus Logic (CRUS), perhaps as soon as the second half of the year, Vinh explained. 
Additionally, Cirrus Logic (CRUS) could reap the rewards from rebound in the PC laptop market as the company's SoundClear platform, with its codec, amplifiers and haptics, "creates opportunities for stabilization and a return to growth longer term."
Last month, Cirrus Logic (CRUS) reported third-quarter results and an outlook for its fiscal fourth-quarter that both topped expectations.