UBS Maintains a 'Buy' on Cypress Semi (CY); Lower Estimates & PT on More Muted Touch View
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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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UBS maintains a 'Buy' on Cypress Semi (NASDAQ: CY) price target cut $1 to $21.00.
UBS analyst says, "CY 4Q11 results were modestly ahead of estimates supported by relative strength in tablets and lumpy legacy comm sales that will not repeat in 1Q (-$22m q/q impact). As a result, Cypress guided 1Q sales down 13-17% q/q as this adds to weakness from wireless infrastructure, the indirect impact of the hard-disk drive shortage and seasonality. However, on expected sales/gross profit growth from 2Q and a strong 2H on its design-win pipeline, we maintain Buy, as historically the stock tracks with gross profit."
"We lower our 1Q12 sales/non-GAAP EPS estimates by 11%/35% to $206m/$0.17 and 2012E sales/pf EPS by 7%/9% to $1,011m/$1.28. For 2013/14, we lower our sales estimates by 6% to $1,173m/$1,280m and pf EPS by 2%/4% to $1.67/$1.78."
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 $17.20 yesterday.
UBS analyst says, "CY 4Q11 results were modestly ahead of estimates supported by relative strength in tablets and lumpy legacy comm sales that will not repeat in 1Q (-$22m q/q impact). As a result, Cypress guided 1Q sales down 13-17% q/q as this adds to weakness from wireless infrastructure, the indirect impact of the hard-disk drive shortage and seasonality. However, on expected sales/gross profit growth from 2Q and a strong 2H on its design-win pipeline, we maintain Buy, as historically the stock tracks with gross profit."
"We lower our 1Q12 sales/non-GAAP EPS estimates by 11%/35% to $206m/$0.17 and 2012E sales/pf EPS by 7%/9% to $1,011m/$1.28. For 2013/14, we lower our sales estimates by 6% to $1,173m/$1,280m and pf EPS by 2%/4% to $1.67/$1.78."
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 $17.20 yesterday.
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