Company Update (NASDAQ:CY): Cypress Semiconductor Corporation Sends Financing Commitment Letter to Integrated Silicon Solution, Inc.
Cypress Semiconductor Corporation (NASDAQ:CY) announced that it has received a financing commitment letter from Barclays Bank PLC, and that it has shared the letter with Integrated Silicon Solution, Inc. Cypress issued the following statement regarding this letter:
“As referenced in our June 2nd press release, Cypress can now confirm it has received a financing commitment letter on competitive terms from Barclays and shared the letter with ISSI. This financing commitment further strengthens Cypress’s offer and demonstrates Cypress’s determination to close a transaction.” (Original Source)
Shares of Cypress Semiconductor opened today at $13.36 and are currently trading up at $13.371. CY has a 1-year high of $16.25 and a 1-year low of $8.04. The stock’s 50-day moving average is $13.27 and its 200-day moving average is $13.78.
On the ratings front, Cypress has been the subject of a number of recent research reports. In a report issued on June 2, Wedbush analyst Betsy Van Hees reiterated a Buy rating on CY, with a price target of $17, which represents a potential upside of 27.2% from where the stock is currently trading. Separately, on June 1, Needham’s Rajvindra Gill maintained a Buy rating on the stock and has a price target of $20.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Betsy Van Hees and Rajvindra Gill have a total average return of 19.6% and 26.5% respectively. Hees has a success rate of 57.1% and is ranked #206 out of 3610 analysts, while Gill has a success rate of 69.2% and is ranked #16.
Cypress Semiconductor Corp with its subsidiaries, designs, develops, manufactures and markets high-performance, mixed-signal, programmable solutions that provide customers with rapid time-to-market and system value.