Cypress Semicon Gets a Buy Rating from Mizuho Securities

By Carrie Williams

In a report released today, Vijay Rakesh from Mizuho Securities reiterated a Buy rating on Cypress Semicon (NASDAQ: CY), with a price target of $17. The company’s shares opened today at $13.37.

Rakesh said:

“We would use the pullback as a buying opportunity today. CY should see continued upside with Automotive tailwinds but also Nintendo Switch (~$5+ content) strong demand. We believe near-term Nintendo Switch demand remains strong.”

According to TipRanks.com, Rakesh is a top 100 analyst with an average return of 27.0% and a 70.5% success rate. Rakesh covers the Consumer Goods sector, focusing on stocks such as Advanced Micro Devices, NXP Semiconductors, and Skyworks Solutions.

Currently, the analyst consensus on Cypress Semicon is Strong Buy and the average price target is $18.17, representing a 35.9% upside.

In a report issued on August 17, KeyBanc also maintained a Buy rating on the stock with a $17 price target.

The company has a one year high of $15.11 and a one year low of $9.63. Currently, Cypress Semicon has an average volume of 6.54M.

Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CY in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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. Its programmable systems-on-chip, general-purpose microcontrollers, analog ICs, wireless and USB-C based connectivity solutions and memories help engineers design differentiated products. The company operates through the following segments: Microcontroller and Connectivity Division (MCD), and Memory Products Division (MPD). The MCD segment focuses on microcontroller (MCU), analog and wireless and wired connectivity solutions. The portfolio includes Traveo automotive MCUs, PSoC programmable system-on-chip MCUs, ARM Cortex-M4, -M3, -M0+ MCUs and R4 CPUs, analog PMIC Power Management ICs, CapSense capacitive-sensing controllers, TrueTouch touchscreen and fingerprint reader products, Wi-Fi, Bluetooth, Bluetooth Low Energy and ZigBee radios and WICED development platform for the Internet of Things, and USB controllers, including solutions for the USB-C and USB Power Delivery standards. This segment also includes intellectual property foundry business. The MPD segment focuses on parallel and serial NOR flash memories, NAND flash memories, static random access memory, F-RAM ferroelectric memory devices and other specialty memories. Cypress Semiconductor was founded by Thurman John Rodgers in December 1982 and is headquartered in San Jose, CA.