Stock Update (NASDAQ:CY): Cypress Semiconductor Corporation Comments on Market Rumors Regarding Atmel
Cypress Semiconductor Corporation (NASDAQ:CY) issued the following statement in response to recent market rumors regarding Atmel Corporation (NASDAQ:ATML).
Cypress previously submitted an offer to the Board of Directors of Atmel to acquire Atmel. That offer expired and Cypress has withdrawn its interest in an acquisition of Atmel. Cypress regularly evaluates acquisition opportunities to complement its existing business, and maintains a disciplined approach to ensure that it continues to deliver long-term value to its shareholders. (Original Source)
Shares of Cypress Semiconductor opened today at $8.66 and are currently trading down at $8.28. 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 $9.71 and its 200-day moving average is $12.02.
On the ratings front, CY has been the subject of a number of recent research reports. In a report issued on August 31, Mizuho analyst Vijay Rakesh maintained a Buy rating on CY, with a price target of $21, which represents a potential upside of 142.5% from where the stock is currently trading. Separately, on July 17, Needham’s Rajvindra Gill reiterated 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, Vijay Rakesh and Rajvindra Gill have a total average return of 29.8% and 13.0% respectively. Rakesh has a success rate of 67.6% and is ranked #11 out of 3759 analysts, while Gill has a success rate of 51.3% and is ranked #120.
The street is mostly Bullish on CY stock. Out of 4 analysts who cover the stock, 4 suggest a Buy rating. The 12-month average price target assigned to the stock is $17.75, which represents a potential upside of 105.0% from where the stock is currently trading.
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.