Cypress Semi (CY) PT Lifted to $20 at Needham & Company

Needham & Company analyst Rajvindra Gill reiterated a Buy rating and boosted his price target on Cypress Semi (NASDAQ: CY) to $20.00 (from $16.00).

Gill commented, "Cypress and Spansion issued roughly in-line quarters and guidance, and we are growing increasingly bullish on the timing and integration of the pending merger. Overall, we believe the $135MM targeted annual synergies could see significant upside as CY could realize additional COGS savings as the two companies' utilization rates expand. We are increasing our price target on CY shares to $20, representing a 14.8x P/E multiple on our 2017 pro-forma EPS est of $1.35, but we believe there could be additional upside given our bull case earnings power of $1.70. We would hold onto CODE (CODE, Buy) shares, and we view current levels as an attractive entry point for CY shares, with upside into the mid-$20 range should additional cost and revenue synergies be achieved."

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 $14.82 yesterday.

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