J.P. Morgan is out with its report today on Cypress Semiconductor CY, raising its PT from $12 to $13.
In a note to clients, J.P. Morgan writes, "Yesterday, Cypress reported 2Q11 results above our estimate and Consensus due mostly to a lower than expected tax rate, and guided 3Q11 above normal seasonality. We continue to believe the stock is too expensive at its current valuation of 4.0X our C11 sales estimate, towards the higher end of its historical range, and 32X our C12 EPS estimate, above its peers. As a result, we remain Underweight."
At the time of posting, shares of CY were trading pre-market at $21.20, up 0.76% from Thursday's close.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in