UPDATE: UBS Downgrades Cypress Semi (CY) to Neutral; Less Conviction...2H Ramp Priced In
Get Alerts CY Hot Sheet
Price: $23.82 --0%
Rating Summary:
10 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 4 | Down: 8 | New: 1
Rating Summary:
10 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 4 | Down: 8 | New: 1
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(Updated - May 18, 2012 1:12 PM EDT)
UBS downgraded Cypress Semi (NASDAQ: CY) from Buy to Neutral, price target lowered from $19 to $13.75.
Analyst, Steven Eliscu, said, "Cypress primary model drivers are its: 1) consistency of op margin from SRAM, 2) leadership in touch controllers. However, we are increasingly concerned the macro weakness will negatively impact its SRAM recovery and rebound in touch. As a result, we lower our estimates for memory and touch revenue from 3Q12 as well as longer-term operating margin from 22% (GAAP) to 17% on a diminished view for operating leverage. On these revised assumptions, we lower our price target to $13.75. Given limited upside potential to our price target and macro tail risks that result in a more balanced risk-reward, we downgrade shares."
FY12 EPS estimate cut from $0.37 to $0.29 and FY13 from $0.75 to $0.61.
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 $12.85 yesterday.
UBS downgraded Cypress Semi (NASDAQ: CY) from Buy to Neutral, price target lowered from $19 to $13.75.
Analyst, Steven Eliscu, said, "Cypress primary model drivers are its: 1) consistency of op margin from SRAM, 2) leadership in touch controllers. However, we are increasingly concerned the macro weakness will negatively impact its SRAM recovery and rebound in touch. As a result, we lower our estimates for memory and touch revenue from 3Q12 as well as longer-term operating margin from 22% (GAAP) to 17% on a diminished view for operating leverage. On these revised assumptions, we lower our price target to $13.75. Given limited upside potential to our price target and macro tail risks that result in a more balanced risk-reward, we downgrade shares."
FY12 EPS estimate cut from $0.37 to $0.29 and FY13 from $0.75 to $0.61.
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 $12.85 yesterday.
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