In a report released today, Rajvindra Gill from Needham maintained a Buy rating on Cypress Semicon (CY), with a price target of $16. The company’s shares opened today at $14.58.
Gill noted:
“We maintain our Buy and $16 PT on CY. Unsurprisingly, CY cited continued softness, primarily in China consumer, and to a lesser extent industrial for its below 1Q guidance. However, CY joins SLAB and MXIM in highlighting improvements in order trends in the past few weeks and a stabilizing backlog. CY has taken a cautious approach with respect to its backlog as it doesn’t want to overship natural demand. We are encouraged by the expectation to see improvements in order trends in 2Q/2H19. With the shares trading at multi-year P/E valuation lows, we remain more constructive on CY than others in our group given the uncertain macroeconomic climate.”
According to TipRanks.com, Gill is a 5-star analyst with an average return of 10.5% and a 53.6% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Everspin Technologies Inc, Smart Global Holdings Inc, and Adesto Technologies Corp.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cypress Semicon with a $15.17 average price target, which is a 4.0% upside from current levels. In a report released today, Craig-Hallum also reiterated a Buy rating on the stock with a $18 price target.
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The company has a one-year high of $18.87 and a one-year low of $11.75. Currently, Cypress Semicon has an average volume of 4.66M.
Based on the recent corporate insider activity of 63 insiders, corporate insider sentiment is neutral on the stock.
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Cypress Semiconductor Corp. designs, develops, manufactures and markets a broad range of high-performance solutions for embedded systems, from automotive, industrial and networking platforms to highly interactive consumer devices.
