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CY

Cypress Semiconductor

$14.48

0.08 (0.56%)

09:12
10/04/18
10/04
09:12
10/04/18
09:12

Cypress Semiconductor initiated with a Buy at MKM Partners

As reported earlier, MKM Partners analyst Ruben Roy initiated Cypress Semi with a Buy rating and and a price target of $20. The analyst says that the company has recently "redefined itself" with a sharper focus on strategic growth, as the management looks to leverage its intellectual property with new high-growth potential investments. Roy also notes that the recent weakness in the stock reflecting lower expectations for Cypress Semi's NOR flash business is unfounded, as the NOR business will likely be protected from the average selling price swings in 2019 given its higher exposure to high-value auto and industrial end market industries. The analyst further states that the company's focus on higher value end markets can boost its gross margins above 50% from 46.3% reported in Q2, adding that the risk-reward on Cypress Semi is favorable at 9.8-times expected forward earnings multiple vs. 17.0-times for the broader semiconductor peer group average multiple.

CY Cypress Semiconductor
$14.48

0.08 (0.56%)

10/03/18
MKMP
10/03/18
INITIATION
MKMP
Buy
Cypress Semiconductor initiated with a Buy at MKM Partners
09/25/18
09/25/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Intel (INTC) downgraded to Underperform from Market Perform at Raymond James while ON Semiconductor (ON) and Analog Devices (ADI) were downgraded to Market Perform from Outperform. 2. Dollar Tree (DLTR) downgraded to Neutral from Buy at Buckingham with analyst Bob Summers citing recent operating underperformance and the prospect that near-term challenges in the Family Dollar business will negate the strength of the Dollar Tree brand. 3. Cypress Semiconductor (CY) downgraded to Sector Weight from Overweight at KeyBanc with analyst John Vinh saying Asia supply-chain findings left him incrementally more cautious on the company's fundamentals. 4. Vale (VALE) downgraded to Neutral from Outperform at Macquarie. 5. SilverBow Resources (SBOW) downgraded to Hold from Buy at SunTrust with analyst Neal Dingmann saying while the company has built its portfolio while lowering costs and generating efficiencies over the past few years, it is likely to keep spending on "less proven, higher cost acreage" even as investors "remain focused on capital discipline and operating within cash flow," holding its leverage at close to 2-times. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
09/25/18
KEYB
09/25/18
DOWNGRADE
KEYB
Sector Weight
KeyBanc downgrades Cypress Semiconductor after checks in Asia
KeyBanc analyst John Vinh downgraded Cypress Semiconductor to Sector Weight from Overweight saying Asia supply-chain findings left him incrementally more cautious on the company's fundamentals. The analyst has concerns regarding a slowdown in the automotive market, particularly in China. He notes that Auto currently accounts for 30% of Cypress' revenues. Further, he believes pricing in NOR Flash has begun to ease. The analyst also has broader-based concerns regarding increased risk of cyclical slowdown. As such, Vinh thinks Cypress Semiconductor's risk/reward is less favorable in the near to medium term.
09/25/18
KEYB
09/25/18
DOWNGRADE
KEYB
Sector Weight
Cypress Semiconductor downgraded to Sector Weight from Overweight at KeyBanc

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