UPDATE: J.P. Morgan Reiterates Underweight Rating, Lowers PT on Cypress Semiconductor Corporation
In a report published Wednesday, J.P. Morgan & Co. reiterated its Underweight rating on Cypress Semiconductor Corporation (NASDAQ: CY), but slightly lowered its price target from $8.00 to $7.00.
J.P. Morgan noted, “Yesterday, before the open, Cypress negatively preannounced its 4Q12 results due to weak macro demand and lower distribution sales in the last two weeks of December. As a result, we are lowering our estimates, and remain Underweight on CY due to our fears of commoditization in its touch business (roughly 29% of revenue) and resulting earnings and multiple compression.”
Cypress Semiconductor Corporation closed on Tuesday at $10.12.
Latest Ratings for CY
|May 2015||Mizuho Securities||Initiates Coverage on||Buy|
|May 2015||Needham||Upgrades||Buy||Strong Buy|
|Jan 2015||JP Morgan||Upgrades||Underweight||Neutral|
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