Get Free Trial
News & Analysis
On The Fly
About The Fly
Instant updates and real-time market news.
Cypress Semiconductor downgraded to Hold from Buy at SunTrust
Carrier surveys indicate strong demand, tight supply for iPhone X, says KeyBanc
KeyBanc analyst John Vinh says surveys at U.S. carriers on the iPhone X launch day and throughout the weekend indicate healthy initial response to Apple's (AAPL) new flagship model. Further, his surveys indicate most of the stores were sold out within a few hours after opening despite limited promotional activity. Supply was scarce as most T-Mobile (TMUS) and Sprint (S) stores indicated that they had not received any iPhone X shipments, and several AT&T (T) and Verizon (VZ) stores estimated they will need to wait until December before receiving additional shipments, he contends. Vihn's favorite Apple-related suppliers are Broadcom (AVGO), Cirrus Logic (CRUS), Cypress Semiconductor (CY), and Skyworks (SWKS).
Broadcom price target raised to $325 from $281 at SunTrust
SunTrust analyst William Stein raised his price target on Broadcom (AVGO) to $325 and kept his Buy rating. Stein cites CEO Hock Tan's strategy with regards to Qualcomm (QCOM) and his track of using M&A to generate earnings growth. The analyst anticipates that Qualcomm will likely reject Broadcom's $70/shr bid, at which point the latter will likely nominate a slate of directors while the former attempts to close its NXP Semiconductors (NXPI) deal as quickly as possible. Stein also says the potential Broadcom-Qualcomm deal could also be a negative for Intel (INTC) and a positive for Cypress Semi (CY) on competitive factors.
2018 setting up to be another big year for Cypress Semiconductor, says at Craig-Hallum
Craig-Hallum analyst Anthony Stoss continues to view Cypress Semiconductor as one of his favorite growth stocks following recent travels with management. The analyst believes that the company's significant exposure to the IoT segment, improving gross margins, and strong growth profile warrant a better multiple, and believes the stock should work much higher. He reiterates a Buy rating and $21 price target on the shares.
Cypress Semiconductor among favorite 2018 mid-cap ideas, says Loop Capital
Loop Capital analyst Betsy Van Hees says that Friday's meeting with Cypress Semi CFO Thad Trent reinforced her confidence that "Cypress 3.0" strategy is in its "early innings". The analyst notes that management has reiterated that the company market remains healthy and that flash memory supply will tighten into 2018. Van Hees keeps her Buy rating and $20 price target on Cypress Semi, saying it is one of her favorite 2018 mid-cap ideas as the company benefits from "continued strength in IoT wireless connectivity, increasing content in automotive, tight flash memory supply, and ramp of USB-Type C".
TODAY'S FREE FLY STORIES