Normura Securities Says Cypress Semi (CY) Sell-Off Excessive

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Normura Securities maintained a Buy rating on Cypress Semi (NASDAQ: CY) but cut its price target to $12.00 (from $15.00).

Analyst Sidney Ho said "The stock sell-off post earnings seems excessive to us. While estimates do come down to reflect macro weakness, the company should see significant operating leverage when demand returns. Meanwhile, high dividend yield, aggressive buybacks and tight opex control should provide support for the stock."

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 $10.07 yesterday, with a 52 week range of $9.87-$20.50.

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