Topeka Capital Upgrades Cypress Semi (CY) to Buy

Topeka Capital upgraded Cypress Semi (NASDAQ: CY) from Hold to Buy with a price target of $13 (from $10.50).

Analyst Suji De Silva said, "We are upgrading CY from Hold to Buy on the announcement of its planned all-stock acquisition of Spansion (NYSE: CODE). We expect the acquisition to close in 1H15 with limited anti-trust or regulatory issues given the lack of direct product market overlap. Among potential semiconductor bidders, we believe CY is the best positioned memory and embedded controller semiconductor vendor to drive cost synergies from the CODE business."

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 $10.43 yesterday.

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