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UPDATE: Credit Suisse Raises PT on Cypress Semiconductor Corporation on Potential CODE Merger

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In a report published Tuesday, Credit Suisse analyst John W. Pitzer reiterated a Neutral rating on Cypress Semiconductor Corporation (NASDAQ: CY), and raised the price target from $9.50 to $12.00.

In the report, Credit Suisse noted, “CY has successfully repositioned itself from a low margin memory company into a provider of value-added and proprietary solutions, as evidenced from the 50+% revenue contribution from non-memory products such as PSoC microcontrollers, USB controllers and TrueTouch touch screen controllers. In the near-term, we are concerned with the uncertain growth trajectory in TrueTouch given expected continued deceleration of Handset unit growth and weaker ASP trends as a meaningful headwind NT. Longer-term, we expect to see increasing competition in the touch controller market, which will likely pressure profitability, though the potential merger with CODE and subsequent synergies should drive EPS upside through CY16.”

Cypress Semiconductor Corporation closed on Monday at $12.78.

Latest Ratings for CY

DateFirmActionFromTo
Mar 2020CFRAUpgradesHoldBuy
Mar 2020Craig-HallumUpgradesHoldBuy
Nov 2019Cowen & Co.DowngradesOutperformMarket Perform

View More Analyst Ratings for CY
View the Latest Analyst Ratings

 

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Posted-In: Credit Suisse John W. PitzerAnalyst Color Price Target Analyst Ratings

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