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CY

Cypress Semiconductor

$12.11

0.345 (2.93%)

16:13
10/25/18
10/25
16:13
10/25/18
16:13

Cypress Semiconductor sees Q4 EPS 31c-35c, consensus 35c

Sees Q4 revenue $585M-$615M, consensus $644.32M.

  • 03

    Dec

CY Cypress Semiconductor
$12.11

0.345 (2.93%)

10/04/18
MKMP
10/04/18
INITIATION
Target $20
MKMP
Buy
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.
10/04/18
10/04/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Cypress Semiconductor (CY) initiated with a Buy at MKM Partners. 2. Orion Engineered (OEC) initiated with a Buy at Loop Capital. 3. PGT Innovations (PGTI) initiated with a Buy at Jefferies and an Outperform at Wells Fargo. 4. Mercury Systems (MRCY) initiated with a Buy at Canaccord. 5. HubSpot (HUBS) initiated with a Buy at Rosenblatt. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/16/18
MSCO
10/16/18
NO CHANGE
MSCO
Semi fundamentals look worse today than in 2015 down cycle, says Morgan Stanley
Morgan Stanley analyst Craig Hettenbach noted that the selloff in semiconductor stocks has been "swift and painful" and could be getting overdone near-term, though he worries the group is "by no means out of the woods" given his view that semi fundamentals today are worse than they were in the 2015 down cycle. Specifically, Hettenbach points to the degree of excess that built up in the supply chain this time, stating that the increase in lead times, double ordering, and inventory accumulation is markedly different to the period that preceded the last time there were broad-based semi estimate cuts in the second half of 2015. Semi sector estimates have only just recently started to come down and there are growing investor expectations that companies will guide Q4 revenue at least a few percent below the Street, added Hettenbach, who said the "upcoming earnings season will be the big test."
10/22/18
ROTH
10/22/18
NO CHANGE
Target $18
ROTH
Buy
Cypress Semiconductor price target lowered to $18 from $22 at Roth Capital
Roth Capital analyst Suji Desilva believes Cypress Semiconductor is on track for better than seasonal Q3 revenue growth and thinks its margin recovery progress remains intact. However, Desilva lowered his price target on Cypress to $18 from $22 to reflect broader semiconductor stock weakness. The analyst keeps a Buy rating on Cypress shares, stating that the recent pullback presents an attractive entry point.

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