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Analysts Blayne Curtis and Christopher Hemmelgam said they are now including USB-C revenue at Apple for the upcoming IP8 cycle. Assuming $1.25 for one chip in the phone and another in the charger, the analysts said calendar year 2018 earnings per share go up by $0.24.
Barclays believes Apple is moving toward USB-C connectors for its chargers and including silicon in the iPhones and iPads to enable fast charging. Therefore, the firm thinks Apple will likely include Cypress Semiconductors' USB-PD chip in the phone and an additional chip within the power brick box.
The firm sees room for upside to the company's 23–27 percent gross margin guidance. With the stronger IoT at higher gross margins allowing more memory loading, the firm is of the view the USB win should help drive margin progression.
Barclays also thinks the Apple win is accretive to gross margins, while it also expected to boost fab utilizations.
"Net net, this likely APPL win adds to a core business that remains strong, led by its IoT products driving further operating leverage at one of the cheapest valuations in semis," the firm added.
The firm raised its calendar year 2018 earnings per share estimate to $1.25.
As such, Barclays upgraded shares of Cypress Semiconductor from Neutral to Overweight and lifted its price target to $18.At the time of writing, shares of Cypress Semiconductor were rallying 7.66 percent to $14.12.
Related Links:Jim Cramer Shares His Thoughts On AT&T, Cypress Semiconductor 5 Reasons To Like Cypress, Despite Wall Street's Skepticism _____Image Credit: By I, NobbiP, CC BY-SA 3.0, via Wikimedia Commons
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.