UPDATE: Wunderlich Securities Downgrades Cypress Semiconductor Corporation to Hold, Lowers PT
In a report published Friday, Wunderlich Securities downgraded its rating on Cypress Semiconductor Corporation (NASDAQ: CY) from Buy to Hold, and lowered its price target from $12.00 to $10.00.
Wunderlich Securities noted, “We are lowering our rating on Cypress (CY) to Hold from Buy due to the accelerated commoditization of the company's TrueTouch product line longer payback on the Ramtron deal and what we believe are a shortage of near-term catalysts to move the stock. While we acknowledge missing the downside move in the stock, we believe the thesis for growth in the touch segment has changed, with the company now expected to compete for market share leadership in a broader and more commoditized market, which we view much less favorably. We are also lowering our price target to $10 from $12 but highlight the 4.2% dividend yield as a reason for interest for yield hungry investors.”
Cypress Semiconductor Corporation closed on Thursday at $10.10.
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