UPDATE: Wedbush Lowers PT on Cypress Semiconductor to $21
Wedbush is out with its report today on Cypress Semiconductor (NYSE: CY), lowering its PT from $28 to $21.
In its report, Wedbush writes, "We maintain our OUTPERFORM rating and we are lowering our PT to $21 from $28 on Cypress Semiconductor following our investor meetings on Friday with CFO Brad Buss in San Francisco, CA. We came away from our meetings with an increased level of confidence that Cypress remains one of the better positioned companies in our universe to weather the near-term uncertain macro due to its (1) strong product cycles (TrueTouch/PSoC); (2) broad exposure to the high-growth secular trends of cloud computing, data centers, mobile devices, and wireless infrastructure build-out; and (3) very healthy balance sheet with the potential for operational leverage."
At the time of posting, shares of CY were trading pre-market at $14.65, down 3.87% from Friday's close.
