Nomura Securities Starts Cypress Semi (CY) at Buy; Favorable Risk-Reward as Company Digs Out

Nomura Securities initiates coverage on Cypress Semi (NASDAQ: CY) with a Buy. PT $18.00.

Analyst, Sidney Ho, said, "Cypress dug a deep hole for itself in 1H12 as it saw revenue and margins decline. In response, Street estimates reset lower several times. But we believe the response may have been too conservative, as Cypress now faces several positives and the cyclical bottom appears to have been reached. With the stock down 33% from the peak (vs. down 3% for SOX), we believe most of the bad news is priced in. While our estimates are only slightly ahead of the Street, we believe consensus bias is to the upside."

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 $15.51 yesterday.

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