RBC Capital Maintains an 'Outperform' on Cypress Semi (CY); Executing, But Fears Not Alleviated

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RBC Capital maintains an 'Outperform' on Cypress Semi (NASDAQ: CY) price target of $19.00 (from $24.00).

Analyst, Doug Freedman, said, "We believe the stock is trading lower on fears that seasonal patterns impact 4Q12 results, forcing 2013 estimates to move towards $0.60. We believe these estimates will prove conservative on conservative' as earnings power is likely closer to $1.00 in 2013."

"CY is executing through several levers, including improving margin profile, stern OpEx control (controlled hiring), prudent buy-backs and lower stock-based compensation, in-order to return value to shareholders."

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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