Cypress Semiconductor Relies on Automotive and Connectivity Solutions to Drive Solid Growth in 1Q
Cypress Semiconductor reported first-quarter results that were slightly ahead of our expectations, as the firm continues to drive solid growth in its end-markets. We believe the firm’s broad portfolio of embedded and connectivity products will allow it to generate stable growth going forward, particularly in the automotive and industrial Internet of Things spaces. While we remain positive on the prospects for this no-moat firm, shares appear fully valued relative to our unchanged $14 fair value ...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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