UPDATE: Sterne Agee Reaffirms Buy, $19 PT on Cypress Semiconductor on Microsoft Tablet Catalyst

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Sterne Agee reiterates its Buy rating and $19 price target on Cypress Semiconductor (NASDAQ: CY), as it believes the Microsoft Surface could indicate market opportunity into larger touch displays. Sterne Agee says, "For CY, the 11-15" Touch surface is $4-$6 per unit opportunity versus $2 (or under) in handsets. Given the 300M+ PCs shipped per year and an incremental Win8 Tablet+Cover market, we believe the Touch guys could see some tailwinds."CY closed at $13.79 on Monday.

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