Cypress Semiconductor Corporation (NASDAQ:CY) has had a busy year merging and bidding on other semiconductor companies. This year, the company merged with Spansion and recently, Cypress has been bidding on Integrated Silicon Solution, Inc. (NASDAQ:ISSI).

In March, Cypress announced it had completed a $5 billion all-stock merger with Spansion. The companies announced the deal in December. When the deal was outlined, the two companies arranged that the combined company will be traded under the ticker CY and will continue to pay a $0.11 quarterly dividend per share. Cypress expects the merger to achieve more than $135 million in cost synergies on an annual basis within three years. The merger is expected to boost Cypress’ non-GAAP earnings within one year.

In mid-May, Cypress made an unsolicited bid to acquire Integrated Silicon Solution for $19.75 per share in cash. At the time, ISSI shares were trading for just over $20. However, ISSI has already entered into an Agreement and Plan of Merger with Uphill Investment Co, led by Summitview Capital, for $19.25 per share in cash. ISSI entertained discussions with Cypress regardless of the standing bid by Uphill Investment because of fiduciary duties to stockholders.

In early June, Cypress set itself back by failing to meet its own deadline to complete an agreement. Although ISSI was still in talks with Uphill at the time, the company signaled it was still open to a bid from Cypress. ISSI and Cypress were having trouble agreeing on the terms of the handling of antitrust risks.

Since then, Cypress has increased its cash offer to $22.25 per share while Uphill Investment upped the ante to $23 per share. These bids value ISSI at $712 million and $736 million, respectively. However, after a shareholder meeting on June 30, ISSI announced after the market closed that its shareholders had approved the bid by Uphill.

On July 1, Blayne Curtis of Barclays resumed coverage of Cypress Semiconductors with an Overweight rating and a $15 price target. Since Cypress closed the deal with Spansion, the analyst has seen the “stock price (down ~25%, vs. flat S&P 500) and expectations/estimates reset to more reasonable levels.” Curits acknowledged that he does not usually hand out Overweight ratings before a company has reported earnings, but given the company’s “recent sell off (trading at only 12x our CY16 EPS and 9-10x CY17 cases),” he sees a compelling opportunity. Curtis concluded, “both earnings and the multiple can expand post the Q2 report and into 2016 as the company executes (if not upsides) on its synergy plan with further M&A still possible post the unsuccessful ISSI bid.”

Blayne Curtis has a 66% overall success rate recommending stocks with a +11.8% average return per rating.

Separately, John Pitzer of Credit Suisse reiterated an Outperform rating on the stock with a $15 price target. Pitzer has a 65% overall success rate recommending stocks with a +19.3% average return per rating.

On average, the analyst consensus for Cypress Semiconductor on TipRanks is Strong Buy.