Cypress Drives Automotive Growth During Impressive Second Quarter; Raising FVE to $14
Cypress Semiconductor reported second-quarter results that were significantly ahead of both our expectations and the firm’s guidance. We note the outperformance was broad-based across automotive, connectivity, and NOR flash segments. In our view, the firm’s wide-ranging portfolio of embedded and connectivity products will allow it to generate meaningful growth going forward, particularly in the automotive and industrial Internet of Things spaces. We are increasing our fair value to $14 per share...Cypress Semiconductor manufactures and sells embedded system solutions for automotive, industrial, consumer and enterprise end markets. The company operates under two reportable business segments: Microcontroller and Connectivity Division, which focuses on connect and compute solutions for the Internet of Things and automotive solutions that improve the in-cabin user experience, as well as the company's intellectual property business; and Memory Products Division, which focuses on fail-safe storage and datalogging solutions for mission critical applications, as well as the company's nonvolatile DIMM subsidiary AgigA Tech Inc.
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