Dougherty Cuts Price Target & Estimates on Cypress (CY) Ahead of Earnings
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Price: $23.82 --0%
Rating Summary:
10 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
10 Buy, 13 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Dougherty & Co is reaffirming its Buy rating on shares of Cypress Semi (NASDAQ: CY), but is cutting its price target from $25 to $20.
The firm is reducing its earning and sales estimates on the company ahead of its third quarter conference due to low tablet expectations and the overall weakness in the macro economy.
Over the quarter HP (NYSE: HPQ) canceled its TouchPad Tablet which used Cypress's touchscreen MCU and the firm believes that RIM (Nasdaq: RIMM) also cut the back production levels of its PlayBook. As a result, Dougherty reduced its non-touch revenue estimate from $204 million to $186 million in Q4.
An analyst at Dougherty comments, "the stock has somewhat priced in these revisions even though the sell-side hasn’t cut to the point that consensus reflects them yet. Additionally, we believe the stock has begun to price in the risk that Samsung begins producing its own touchscreen MCUs after reports surfaced during the quarter that Samsung’s semiconductor unit was working on a chip."
Dougherty estimates EPS of $0.33 for the third quarter with $265.3 million in sales. For FY11 and FY12, the firm is cutting its EPS estimates from $1.26 and $1.43 to $1.16 and $1.41. Revenue estimates fro the two years were also lowered from $1.03 billion and $1.15 billion to $1 billion and $1.13 billion.
The Street is looking for EPS of $0.33 for Q3, $1.23 for FY11, and $1.46 for 2012. The consensus on revenue for the quarter and two years is $265.8 million, $1.02 billion, and $1.13 billion.
For more ratings news on Cypress Semi click here and for the rating history of Cypress Semi click here.
Shares of Cypress Semi closed at $16.98 yesterday.
The firm is reducing its earning and sales estimates on the company ahead of its third quarter conference due to low tablet expectations and the overall weakness in the macro economy.
Over the quarter HP (NYSE: HPQ) canceled its TouchPad Tablet which used Cypress's touchscreen MCU and the firm believes that RIM (Nasdaq: RIMM) also cut the back production levels of its PlayBook. As a result, Dougherty reduced its non-touch revenue estimate from $204 million to $186 million in Q4.
An analyst at Dougherty comments, "the stock has somewhat priced in these revisions even though the sell-side hasn’t cut to the point that consensus reflects them yet. Additionally, we believe the stock has begun to price in the risk that Samsung begins producing its own touchscreen MCUs after reports surfaced during the quarter that Samsung’s semiconductor unit was working on a chip."
Dougherty estimates EPS of $0.33 for the third quarter with $265.3 million in sales. For FY11 and FY12, the firm is cutting its EPS estimates from $1.26 and $1.43 to $1.16 and $1.41. Revenue estimates fro the two years were also lowered from $1.03 billion and $1.15 billion to $1 billion and $1.13 billion.
The Street is looking for EPS of $0.33 for Q3, $1.23 for FY11, and $1.46 for 2012. The consensus on revenue for the quarter and two years is $265.8 million, $1.02 billion, and $1.13 billion.
For more ratings news on Cypress Semi click here and for the rating history of Cypress Semi click here.
Shares of Cypress Semi closed at $16.98 yesterday.
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