Cypress Semi Weathers the Storm

Tags: cy, spwra
3 Dec 4:14am
Posted by ZacksResearch
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Cypress Semiconductor Corporation (CY) is an original equipment manufacturer (OEM) of digital and mixed-signal integrated circuits (ICs). The company is organized into three main segments and SunPower (SPWRA), a majority-owned subsidiary offering solar power products.

Cypress develops and manufactures a broad range of digital and mixed signal ICs. Third-quarter revenue exceeded consensus expectations, although the EPS fell short. Forward guidance is for a 20-26% revenue decline in Q4.

SunPower was spun off on September 29, and management will report results minus this business from Q4. The semiconductor business has higher margins, although revenue growth is likely to take a beating in light of the current recession. We are reiterating our Hold rating on CY shares.

Sejuti Banerjea contributed to this report.

Read the full analyst report on CY

Read the full analyst report on SPWRA



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