UPDATE: Blaylock Robert Van Reiterates Hold Rating, Lowers PT on Cypress Semiconductor Corporation

In a report published Wednesday, Blaylock Robert Van reiterated its Hold rating on Cypress Semiconductor Corporation CY, but lowered its price target from $12.00 to $10.00. Blaylock RV noted, “Cypress preannounced negatively before the market open yesterday morning on weak macro environment. No conference is held for this update. The company is scheduled to reports Q4 results on January 24. We are lowering our estimates to reflect updated guidance. Accordingly our price target drops from $12 to $10, or 16x our revised 2013 PF EPS estimate of $0.60. 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 Corporation closed on Tuesday at $10.12.