J.P. Morgan Maintains Underweight on Cypress Semiconductor

J.P. Morgan is out with its report today on Cypress Semiconductor (NYSE: CY), maintaining Underweight.

In its report, J.P. Morgan writes, "Yesterday, Cypress reported mixed 3Q11 results, but guided 4Q11 well below seasonal due to macro weakness. As a result, we are adjusting our estimates. We continue to believe the stock is too expensive at its current valuation of 3.3X our C11 sales estimate, toward the higher end of its historical range, and 31X our C12 EPS estimate, above its peers. We remain Underweight."

J.P. Morgan maintains a $10 PT on CY.

Shares of CY closed Thursday at $17.57.