Needham & Company Maintains a 'Hold' on Cypress Semi (CY); Tough First Half and an Uncertain Second Half

Needham & Company maintains a 'Hold' on Cypress Semi (NASDAQ: CY).

Analyst, Rajvindra Gill, said, "CY still fetches a valuation premium to SYNA and ATML. CY currently trades at 13x P/E 2013E, a 13% premium to ATML and 17% premium to SYNA. Excluding cash, CY trades at 12x P/E 2013E, a 15% premium to ATML and 42% premium to SYNA. SYNA has over $8 of net cash per share, vs $0.95 for CY and $0.70 for ATML. We don’t believe CY deserves its premium given its lack of meaningful traction on the smartphone side, exposure to price declines in tablets and soft spending environment in wireline/wireless infrastructure spending affecting SRAM."

"2012 estimate changes. Introducing 2013. We lower our 2012 ests to $870.0MM/$0.80 (from $950.0MM/$1.05). Our 2013 estimates are $980.0MM/$1.15."

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 $15.90 yesterday.

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