UPDATE: Blaylock Robert Van Downgrades Cypress Semiconductor to Buy on Limited Visibility

Blaylock Robert Van reduced its rating on Cypress Semiconductor (NASDAQ: CY) from Strong Buy to Buy with a reiterated $12 price target.

Blaylock Robert Van commented, "We had the meeting at Cypress last week. Management reiterated Ramtron impact, TrueTouch outlook for 2013, optimism about Deca Technology and confidence in winning the GSI litigation case. However, given limited wins at top OEMs and no show in Win 8, we are concerned about its 15% to 25% growth outlook for TrueTouch next year. Thus, we are lowering our estimates. Accordingly, we are downgrading CY from Strong Buy to BUY and reset our price target of $12, or 15x our 2013 PF EPS estimate of $0.82. Any TrueTouch design wins with high volume devices, another “SunPower” story from Deca and rulings from ITC in favor of Cypress, could drive stock above our price target."

Cypress Semiconductor closed at $10.23 on Monday.

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