Cantor Fitzgerald Starts Cypress Semi (CY) at Sell; Competition May Ruin the Touch-SoC Party

Cantor Fitzgerald initiates coverage on Cypress Semi (NASDAQ: CY) with a Sell. PT $11.00.

Analyst, Daniel Gelbtuch, said, "We believe Cypress will likely face substantial long-term competitive (Neonode’s (Nasdaq: NEON) disruptively-priced optical-infrared sensing alternative to capacitive touch) and architectural issues (touch logic gets integrated into the increasingly ubiquitous application processor) in touch...While CY is down -21% YTD (versus the SOX at +2.2%), we believe the shares are already discounting a strong 2H touch rebound, USB 3.0 ramp, and SRAM share gains (Samsung is exiting SRAM the 2H), yet may not be adequately discounting a potentially limp 2H macro."

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 $13.28 yesterday.

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