Needham & Company Reiterates Buy on Cypress Semiconductor (CY) After Meeting with Management

Needham & Company reiterated a Buy rating and $14.00 price target on Cypress Semiconductor (NASDAQ: CY) after meeting with management.

Analyst Rajvindra Gill commented, "Yesterday we sat down with CEO, Mr. Hassane El-Khoury, and CFO, Mr. Thad Trent of Cypress to discuss the company's recent initiatives. Cypress produces SoCs, microcontrollers, analog IC's, and connectivity solutions (wireless and USB) for the IoT segment. Cypress announced the world's first USB-C to HDMI connection as well as a partnership with Verizon utilizing the recently acquired Broadcom WICED platform.We believe that the company is on track to achieve GMs of 43% exiting 2017 and 48% exiting 2018. Long term CY is positioned to grow in the midsingle digits."

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 $11.36 yesterday.

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