In a research report issued today, Roth Capital analyst Suji Desilva reiterated a Buy rating on shares of Cypress Semiconductor Corporation (NASDAQ:CY) with a price target of $13, after hosting a series of investor meetings with SVP Finance Rahul Mathur. Shares of Cypress Semiconductor are currently trading $11.91, up $0.22 or 1.87%.
Desilva wrote, “Investor interest remains strong in new leadership initiatives to improve profitability. Under new management, we expect CY to rapidly integrate recent acquisitions to: 1) drive end market focus around steadier automotive/embedded IoT opportunities and 2) consolidate manufacturing to improve profitability. Focus on steadier automotive and embedded markets represents a cornerstone of our constructive thesis. Despite a muted seasonal 2H16 outlook, we believe CY has the ability to resume low-single digit y/y growth.”
“We believe CY represents an investment opportunity as a top-tier embedded and memory vendor establishing a position in the automotive and embedded IoT end markets. We expect CY to leverage recent acquisitions to achieve competitive scale versus larger entrenched competitors,” the analyst concludes.
Out of the 12 analysts polled by TipRanks, 8 rate Cypress Semiconductor stock a Buy, while 4 rate the stock a Hold. With a return potential of 3%, the stock’s consensus target price stands at $12.18.