Needham & Company Downgrades Cypress Semi (CY) to Hold

September 24, 2013 1:18 PM EDT
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Price: $11.26 +0.72%

Rating Summary:
    17 Buy, 9 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Needham & Company downgraded Cypress Semi (NASDAQ: CY) from Buy to Hold saying the customer ramp has become unclear after the company's latest lower guidance.

"We believe CY's lower outlook is not necessarily indicative of a broader-slowdown in the handset market, thus we don’t see a direct negative read into SYNA, ATML, MX, or SIMG," analyst Rajvindra Gill said. "However, we believe CY is seeing end of life actions at a specific cust (NOK), push outs (Sony and/or Chinese prgm), Japanese exposure, and year-end invtry drawdown (Samsung). Net, while we see future leverage in CYs model, uncertainty surrounding cust ramps, and perceived share loss to SYNA limits FY14 earnings. Thus, we are lowering our ests and downgrading to Hold."

For an analyst ratings summary and ratings history on Cypress Semi click here. For more ratings news on Cypress Semi click here.

Shares of Cypress Semi closed at $11.45 yesterday.

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