UPDATE: Barclays Resumes Cypress Semi (CY) at Overweight

Barclays resumed coverage on Cypress Semi (NASDAQ: CY) with an Overweight rating and a price target of $15.00. Analyst Blayne Curtis noted the company's nearly 4% dividend yield and the stock's "depressed" P/E multiple.

"In the period following the CODE deal close, we have seen both the stock price (down ~25%, vs. flat S&P 500) and expectations/estimates reset to more reasonable levels. We typically don't roll out an OW rating ahead of earnings (especially when not calling for a beat), but given the recent sell off (trading at only 12x our CY16 EPS and 9-10x CY17 cases), we see a compelling opportunity now. We believe both earnings and the multiple can expand post the Q2 report and into 2016 as the company executes (if not upsides) on its synergy plan with further M&A still possible post the unsuccessful ISSI bid," said Curtis.

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 $11.76 yesterday.

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