Nomura Securities Maintains a 'Buy' on Cypress Semi (CY); Cutting Estimates & PT
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Price: $11.07 -0.36%
Rating Summary:
9 Buy, 7 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
9 Buy, 7 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade CY Now!
Nomura Securities maintains a 'Buy' on Cypress Semi (NASDAQ: CY) price target of $15.00 (from $20.00).
Analyst, Sidney Ho, said, "Q2 results of revenue $201mn /EPS $0.18 were at the low end of guidance. Q3 outlook of flat revenue is worse than we anticipated. Management commented Q4 could be a seasonal quarter (down 3-5%) versus current consensus of +4%. The flat revenue guidance for Q3 is clearly disappointing given the various new product cycles. That said, even if we assume a downside scenario of only 5% growth in 2013, EPS of $0.80-0.90 would imply 13-14x P/E, which still looks reasonable. We are lowering our EPS estimate for Q3 from $0.31 to $0.19, and our estimate for 2013 from $1.40 to $1.00."
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 $11.59 yesterday, with a 52 week range of $11.06-$22.64.
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Analyst, Sidney Ho, said, "Q2 results of revenue $201mn /EPS $0.18 were at the low end of guidance. Q3 outlook of flat revenue is worse than we anticipated. Management commented Q4 could be a seasonal quarter (down 3-5%) versus current consensus of +4%. The flat revenue guidance for Q3 is clearly disappointing given the various new product cycles. That said, even if we assume a downside scenario of only 5% growth in 2013, EPS of $0.80-0.90 would imply 13-14x P/E, which still looks reasonable. We are lowering our EPS estimate for Q3 from $0.31 to $0.19, and our estimate for 2013 from $1.40 to $1.00."
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 $11.59 yesterday, with a 52 week range of $11.06-$22.64.
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