Cypress Grows With Automotive and Industrial Content Gains
Cypress Semiconductor announced third-quarter results which came in slightly above our expectations on the top line and brought in impressive gross margins. Automotive continued to drive strong revenue as the company focuses on the market as well as industrial and consumer Internet of Things--as manifested in a new deal to relieve some of Cypress’ NAND burden. After accounting for management’s outlook for the remainder of 2018, we are maintaining our fair value estimate of $14 for this no-moat c...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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