Cypress Semiconductor (CY) received several price-target hikes to its stock Wednesday in the wake of its annual analyst day, while leading chipmaker Intel (INTC) earned cautious but optimistic reviews for its technology and manufacturing event.
Cypress got price-target hikes from at least three Wall Street firms: Craig Hallum, Needham and Pacific Crest Securities, following Tuesday's analyst day.
Needham analyst Rajvindra Gill reiterated his buy rating on Cypress and raised his price target to 18 from 14.
Cypress shares fell 0.3% to 32.14 by the closing bell on the stock market today. Cypress hit a 2-year intraday high of 14.98 on Tuesday before reversing lower.
Gill sees "continued upside on higher earnings power" for the San Jose, Calif.-based chipmaker. Cypress makes microcontrollers and chips for wireless connectivity, memory, power management, universal serial bus and other applications.
"CY's earnings growth trajectory is the fastest in our coverage universe," he said in a report.
Cypress stands to benefit if Apple (AAPL) and Samsung adopt USB-C ports to their upcoming smartphones, Gill said.
Pacific Crest analyst John Vinh maintained his overweight rating on Cypress and upped his price target to 17 from 14.
"We left Cypress' analyst day incrementally more constructive on the company's long-term growth prospects in auto, IoT (internet of things) and USB," he said in a report.
IBD'S TAKE: Cypress Semiconductor stock has an IBD Composite Rating of 91, meaning it has outperformed 91% of stocks in key metrics over the past 12 months. For more information on Cypress stock, visit the IBD Stock Checkup.
Intel earned decent marks for its technology and manufacturing day event, also held Tuesday.
"The company made a compelling argument that it still has technology leadership over its competitors," UBS analyst Stephen Chin said in a report. "One big highlight was Intel's updated initiative into the foundry business the past 6 months."
Chin reiterated his buy rating on Intel with a price target of 42. Intel stock edged down 0.1% to 35.57 intraday.
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