Market Overview

UPDATE: J.P. Morgan Reiterates Underweight Rating, Lowers PT on Cypress Semiconductor Corporation

Share:
Related CY
Pacific Crest: How To Pick Semiconductor Winners
Cypress Semiconductor CEO: Sector Consolidation Is Driven By Costs
26 Stocks For September 2015 (Seeking Alpha)

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

DateFirmActionFromTo
Aug 2015Mizuho SecuritiesMaintainsBuy
Jul 2015Morgan StanleyInitiates Coverage onOverweight
Jul 2015Credit SuisseReinstatesOverweight

View More Analyst Ratings for CY
View the Latest Analyst Ratings

Posted-In: J.P. Morgan & Co.Analyst Color Price Target Analyst Ratings

 

Related Articles (CY)

Get Benzinga's Newsletters