Market Overview

UPDATE: Wunderlich Securities Downgrades Cypress Semiconductor Corporation to Hold, Lowers PT

Share:
Related CY
Needham Slashes Semiconductor Estimates On 'Muted' Second Half Recovery
Benzinga's Top Initiations

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.

Latest Ratings for CY

DateFirmActionFromTo
Jul 2015Morgan StanleyInitiates Coverage onOverweight
Jul 2015Credit SuisseReinstatesOverweight
Jul 2015BarclaysInitiates Coverage onOverweight

View More Analyst Ratings for CY
View the Latest Analyst Ratings

Posted-In: Wunderlich SecuritiesAnalyst Color Downgrades Analyst Ratings

 

Related Articles (CY)

Get Benzinga's Newsletters