UPDATE: UBS Downgrades Cypress Semi (CY) to Neutral; Less Conviction...2H Ramp Priced In
Tweet Send to a FriendGet Alerts CY Hot Sheet
Price: $11.23 +2.84%
Rating Summary:
9 Buy, 7 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
9 Buy, 7 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade CY Now!
(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, with a 52 week range of $12.79-$23.95.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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, with a 52 week range of $12.79-$23.95.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Morgan Stanley Says Tesla (TSLA) 'Top Pick in U.S. Autos'
- Wells Fargo Downgrades Aruba Networks (ARUN) to Market Perform
- Deutsche Bank Downgrades TRW Automotive Holdings (TRW) to Hold
Create E-mail Alert Related Categories
Analyst EPS Change, Analyst PT Change, DowngradesRelated Entities
UBS
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
