Needham analyst Rajvindra Gill maintained a Buy rating on Cypress Semicon (CY) today and set a price target of $20. The company’s shares closed yesterday at $15.87.
Gill said:
“We are raising our price target to $20 from $16 as the shares are currently at our target. Despite the 25% YTD share performance, which compares to a 15% increase in the S&P 500 index, we believe there’s more upside due to the following: 1) CY still trades near a multi-year P/E low and a 51% discount to its peak multiple; 2) the “base” long-term earnings power is $1.90 (bear is $1.41; bull is $2.19) given the improving business mix and margin profile; 3) defensible technological barriers in Wi-Fi/BLE, high-density NOR memory and PSoC; and lastly 4) alignment with secular growth drivers in IoT , auto, and industrial.”
According to TipRanks.com, Gill is a 5-star analyst with an average return of 11.7% and a 58.6% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Everspin Technologies Inc, and Smart Global Holdings Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cypress Semicon with a $17.25 average price target.
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The company has a one-year high of $18.59 and a one-year low of $11.75. Currently, Cypress Semicon has an average volume of 3.83M.
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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.
