UPDATE: Wunderlich Initiates Cypress Semiconductor at Buy

Wunderlich is out with its report today on Cypress Semiconductor CY, initiating CY at Buy. In its report, Wunderlich writes, "We are initiating coverage of Cypress Semiconductor Corporation with a Buy rating and a price target of $25. Cypress's unique programmable microcontroller solutions, or 'Programmable System on a Chip' (PSoC), offers superior ease of use and design capabilities for engineers across an extremely broad and diverse group of markets." Shares of CY closed Wednesday at $17.51.