Cypress Semiconductor’s “Neutral” Rating Reaffirmed at Zacks (CY)
Cypress Semiconductor (NYSE:CY)‘s stock had its “neutral” rating reiterated by Zacks in a note issued to investors on Thursday. They currently have a $11.00 target price on the stock. Zacks‘s price target points to a potential upside of 6.18% from the stock’s previous close.
Zacks’ analyst wrote, “Cypress develops and manufactures a broad range of digital and mixed signal ICs. The company’s first-quarter loss was lower than the Zacks Consensus estimate driven by solid expense management. Also, management provided a strong forward guidance, indicating robust demand. Though we are encouraged about the company’s advanced technology, momentum in new products, increased customer wins and growth initiatives, a weak and uncertain macro environment and increased pricing pressure remain concerns. We are therefore downgrading our rating to Neutral on Cypress shares.”
Shares of Cypress Semiconductor (NYSE:CY) traded down 1.33% during mid-day trading on Thursday, hitting $10.36. The stock had a trading volume of 2,305,684 shares. Cypress Semiconductor has a 1-year low of $8.61 and a 1-year high of $13.23. The stock’s 50-day moving average is $10.60 and its 200-day moving average is $10.17. The company’s market cap is $1.634 billion.
Cypress Semiconductor (NYSE:CY) last posted its quarterly earnings results on Thursday, April 17th. The company reported $0.07 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.07. The company had revenue of $170.28 million for the quarter, compared to the consensus estimate of $169.00 million. During the same quarter in the previous year, the company posted $0.03 earnings per share. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. On average, analysts predict that Cypress Semiconductor will post $0.52 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Sterne Agee reiterated a “positive” rating on shares of Cypress Semiconductor in a research note on Wednesday, June 4th. They now have a $10.32 price target on the stock, down previously from $13.00. Analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Cypress Semiconductor in a research note on Monday, April 21st. They now have a $10.00 price target on the stock. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company’s stock. Cypress Semiconductor presently has an average rating of “Hold” and an average price target of $10.81.
Cypress Semiconductor Corporation (NYSE:CY), delivers high-performance, mixed-signal and programmable solutions.
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