Credit Suisse Raises Cypress Semiconductor Price Target

On Tuesday, analysts at Credit Suisse raised the price target on shares of Cypress Semiconductor Corporation (NASDAQ: CY) from $9.50 to $12 and maintained the Neutral rating.

John Pitzer is changing the estimates on shares of Cypress due to the merger with Spansion Inc.

"We view the deal as positive for CY as it brings the company to scale ($2bn annualized rev vs. ~$700m), enables synergies at the product level (ie Embedded Memory and Embedded MCU) and offers complimentary end market exposure – post close CY will have 57% I/A/I exposure, and expects to be a top 5 Auto semi provider."

Shares of Cypress Semiconductor were trading up 11 percent in Tuesday's premarket.