UPDATE: Sterne Agee Reiterates Buy Rating, Lowers PT on Cypress Semiconductor Corporation

In a report published Wednesday, Sterne Agee Group reiterated its Buy rating on Cypress Semiconductor Corporation

, but slightly lowered its price target from $15.00 to $14.00. Sterne Agee noted, “CY preannounced its 4Q yesterday, noting significant weakness globally in the month of December in all lines of their operations - we believe precipitated by fiscal cliff uncertainties. CY noted weakness in Dec but noted stabilizing booking trends toward end of Dec CY noting 1Q should be the bottom and sees new products ramping in 2Q13, with better design win activity in touch for handset and into Emerging China. Lowering our estimates on weaker 4Q12.” Cypress Semiconductor Corporation closed on Tuesday at $10.12.