Cypress Sees Signs of Stabilization; Maintaining $14 FVE
Cypress Semiconductor's first quarter-results were solid, with revenue declining as expected while the firm realized better-than-expected adjusted earnings. Similar to other suppliers, Cypress experienced a tough environment for automotive sales while "Internet of Things"-related products also experienced headwinds amid an uncertain macroeconomic environment. However, guidance indicates strong demand for the firm’s suite of microcontroller and connectivity products in certain markets. We are mai...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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