UPDATE: Blaylock Robert Van Downgrades Cypress Semiconductor to Hold on Valuation, Share Headwinds

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Blaylock Robert Van reduced its rating on Cypress Semiconductor (NASDAQ: CY) from Buy to Hold with a reiterated $12 price target. Blaylock Robert Van said, "If Atmel wins Galaxy S IV, Samsung will likely use Melfas' touch solutions for its mid-low end models, which could negatively impact Cypress share at Samsung. Further, from our recent Asian trip, we still have not heard many TrueTouch design wins for smartphones and tablets, and still no progress for TrueTouch at Win 8 notebooks. While Cypress expects sales of TrueTouch to grow 15% to 25% this year, we believe share loss at Samsung could prevent TrueTouch growth."Cypress Semiconductor closed at $11.18 on Friday.

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