Cypress Logs Another Solid Quarter; Maintaining $14 FVE
Cypress Semiconductor’s fourth-quarter results were in line with our prior forecast on both top and bottom lines. Automotive sales continued to grow at a robust pace while management highlighted a healthy pipeline of high-margin design activity for both automotive and smart home markets. That said, after incorporating management’s guidance for the upcoming quarter, we will maintain our fair value estimate of $14 per share. Shares jumped 5% in aftermarket trading and believe they are trading at a...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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