Needham analyst Rajvindra Gill maintained a Buy rating on Cypress Semicon (NASDAQ: CY) today and set a price target of $23. The company’s shares closed yesterday at $16.84.
Gill commented:
“We hosted Sudhir Gopalswany, EVP of at our 2nd New York. We believe CY is uniquely positioned in the ADAS ecosystem with its leadership in NOR flash, Wi-Fi/BLE, and PSOC as well as expertise in instrument clusters and infotainment. CY’s LT auto CAGR is 8-12%, while the wireless connectivity component is expected to grow 18% CAGR. Real-time dual-band Wi-Fi is being deployed rapidly amongst OEMs (Audi A8), where two bands – 2.4GHz and 5GHz – are operating concurrently for applications such as display mirroring and internet streaming.”
According to TipRanks.com, Gill is a top 100 analyst with an average return of 22.6% and a 69.3% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Everspin Technologies Inc, Smart Global Holdings Inc, and Adesto Technologies Corp.
Currently, the analyst consensus on Cypress Semicon is Strong Buy and the average price target is $21.25, representing a 26.2% upside.
In a report issued on May 22, Cowen & Co. also initiated coverage with a Buy rating on the stock with a $21 price target.
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The company has a one-year high of $18.87 and a one-year low of $12.50. Currently, Cypress Semicon has an average volume of 5.37M.
Based on the recent corporate insider activity of 67 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.
