UBS Maintains a 'Buy' on Cypress Semi (CY); Lowering Estimates & PT on Challenging Recovery
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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 lowered from $21 to $19.50.
UBS analyst says, "Cypress lowered 1Q12 guidance for sales to $180-190m (down 22-26% q/q) from $200-210m, non-GAAP gross margin to 53-54% from 54%, opex to $82-83m from $83m, EPS to $0.08-0.11 from $0.15-0.18. Sales are being negatively impacted by order decreases from wireline and handset OEMs as well as lower turns orders through distribution, mainly in Europe and Asia. We maintain our rating, as the stock h.istorically has tracked with gross profit, which we expect to rise with the 2012 cycle recovery."
"We lower our 1Q12 sales/non-GAAP EPS estimates by 10%/41% to $185m/$0.10 and for 2012E, we lower sales/EPS by 6%/15% to $949m/$1.09. For 2013/14, we lower sales estimates by 5%/6% to $1,140m/$1,240m, EPS by 9% to $1.58/$1.68."
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 $16.01 yesterday.
UBS analyst says, "Cypress lowered 1Q12 guidance for sales to $180-190m (down 22-26% q/q) from $200-210m, non-GAAP gross margin to 53-54% from 54%, opex to $82-83m from $83m, EPS to $0.08-0.11 from $0.15-0.18. Sales are being negatively impacted by order decreases from wireline and handset OEMs as well as lower turns orders through distribution, mainly in Europe and Asia. We maintain our rating, as the stock h.istorically has tracked with gross profit, which we expect to rise with the 2012 cycle recovery."
"We lower our 1Q12 sales/non-GAAP EPS estimates by 10%/41% to $185m/$0.10 and for 2012E, we lower sales/EPS by 6%/15% to $949m/$1.09. For 2013/14, we lower sales estimates by 5%/6% to $1,140m/$1,240m, EPS by 9% to $1.58/$1.68."
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 $16.01 yesterday.
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