UPDATE: Topeka Capital Markets Upgrades Cypress Semiconductor Corporation to Buy, Raises PT on Merger Announcement

In a report published Tuesday, Topeka Capital Markets analyst Suji De Silva upgraded the rating on

from Hold to Buy, and raised the price target on $10.50 to $13.00. In the report, Topeka Capital Markets noted, “We are upgrading CY from Hold to Buy on the announcement of its planned all-stock acquisition of Spansion (CODE-$22.85:Buy). We expect the acquisition to close in 1H15 with limited anti-trust or regulatory issues given the lack of direct product market overlap. Among potential semiconductor bidders, we believe CY is the best positioned memory and embedded controller semiconductor vendor to drive cost synergies from the CODE business. We are raising our price target from $10.50 to $13.00 and upgrading CY from Hold to Buy.” Cypress Semiconductor Corporation closed on Monday at $10.43.