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UPDATE: Sterne Agee Reiterates On Cypress Semiconductor On Upside From CODE Merger

Courtesy of Benzinga.

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In a report published Wednesday, Sterne Agee analyst Vijay Rakesh reiterated a Buy rating on Cypress Semiconductor Corporation (NASDAQ: CY), and raised the price target from $13.00 to $18.00.

In the report, Sterne Agee noted, “We take a deeper look at the CY-CODE merger. With CODE bringing 8″-30K wpm capacity (only 70% utilized), ~4x the capacity of CY-6″-16Kwpm (or 8kwpm of 8″) and leading 60nm node, a big footprint in Japan and scale in Autos to CY, we see a long-term constructive road map for CY. Our DCF is attached. Reiterating CY-Buy and raising PT to $18. A semis-deep dive into the significant CY synergies is below.”

Cypress Semiconductor closed on Tuesday at $12.93.

Latest Ratings for CY

Date Firm Action From To
Dec 2014 Sterne Agee Maintains Buy
Dec 2014 Credit Suisse Maintains Neutral
Dec 2014 Needham Upgrades Hold Buy

View More Analyst Ratings for CY
View the Latest Analyst Ratings

Posted-In: Sterne Agee Vijay RakeshAnalyst Color Price Target Analyst Ratings

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