Why Has Oppenheimer Given Cypress Semi (NASDAQ:CY) a $14 Price Target
Equity research analysts at Oppenheimer began issuing coverage on Cypress Semi (NASDAQ:CY) with a key Outperform rating. The price target for CY is exactly $14. It means a possible upside of 45.38% from company’s close price.
From a total of 12 analysts covering Cypress Semiconductor Corporation (NASDAQ:CY) stock, 7 rate it a ”Buy”, 1 a “Sell”, and 3 a ”Hold”. This means that 64% of the ratings are positive. The highest target price is $18 while the lowest target price is $10. The mean of all analyst targets is $13.13 with a 35.62% above today’s ($9.63) stock price. Cypress Semiconductor Corporation was the topic of 12 analyst reports since August 31, 2015 according to the firm StockzIntelligence Inc. Needham downgraded shares on October 23 to “Buy” rating. Mizuho maintained CY stock in a recent report from October 23 with “Buy” rating.
The stock closed the day at $9.63 during the previous session. It is down 24.11% since May 12, 2015 and is downtrending. It has underperformed by 20.44% the S&P500.
The overall sentiment of institutions has increased to 1.27 in Q2 2015. Its up 0.18, from 1.09 in 2015Q2. The ratio improved, as 51 institutions have sold all the shares of Cypress Semiconductor Corporation that they owned while 80 funds have taken shares off the table. 36 funds have purchased shares for the first time while 131 added to their positions. These institutions now hold 322.05 million shares or 8.17% more than the 297.72 million shares they owned in 2015Q2.
The Fund Three Bays Capital Lp currently is holding shares equating to 9.26% of its total portfolio in Cypress Semiconductor Corporation representing a total of 21.71 million shares. Another fund,Lamond Capital Partners Llc, is holding a total of 1.10 million shares equating to 7.01% of their holdings. Additionally, Soros Fund Management Llc has a 19.81 million share stake in Cypress Semiconductor Corporation which represents 2.55% of their total portfolio. The Fund, Brookside Capital Management Llc, based out of Massachusetts, has also built up a stake in the stock, which represents a total of 2% of their total portfolio. Finally Deroy & Devereaux Private Investment Counsel Inc, a fund which is based in the state of Michigan reported a total holdings of 1.47 million shares.
Cypress Semiconductor Corporation is a well-known provider of mixed-signal programmable solutions. The company has a market cap of $3.21 billion. The Company’s offerings include PSoC 1, PSoC 3, PSoC 4 and PSoC 5LP programmable system-on-chip families. It currently has negative earnings. It caters to markets, including industrial, mobile handsets, consumer, computation, data communications, automotive and military.
According to Zacks Investment Research, “Cypress Semiconductor Corporation designs, develops, manufactures and markets a broad line of high-performance digital and mixed-signal integrated circuits for a range of markets, including data communications, telecommunications, computers, and instrumentation systems. The company sells the products to a wide range of customers, including Lucent Technologies Inc., Motorola, Inc., Nortel Networks Corporation, Seagate Technology, Inc., Compaq Computer Corporation, 3Com Corporation, IBM, Cisco Systems, Inc. and Sony Corporation.”